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Honda charged another $363 million over Takata airbags

The Takata airbag recall is growing increasingly expensive for Honda. In the latest hit to the automaker's bottom line, the company is revising the expected costs of its global safety campaigns by an additional 44.8 billion yen ($363 million) after the massive expansion in May. Months ago, Honda announced that it had set aside 50 billion yen ($425 million at the time) to meet the predicted expenses. According to Automotive News, due to the rather arcane laws of accounting, these new costs will actually be applied to the fiscal year that ended on March 31, rather than the current one. Honda's revised earnings will be announced in late June. The company previously reported an operating profit of 651.7 billion yen ($5.3 billion), which was down 13 percent from the previous year. There has been no change to planned dividends for investors. In the US, Honda and Acura have a total of about 6.28 million vehicles in need of a replacement airbag inflator, and the automaker says about two million of those are already repaired. In addition to the Takata campaign, the company has faced other financial setbacks during this calendar year. For example, in early January, it received a $70 million fine from the National Highway Traffic Safety Administration for failing to report 1,729 cases of injuries or deaths over 11 years. As part of a strategy to improve quality globally, Honda cut back its global sales forecasts for the coming year, and it also decided not to make any volume predictions through 2017. To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, 107-8556 Tokyo Takanobu Ito President and Representative Director Notice of Events after the Reporting Period Regarding Product Warranty Expenses Honda Motor Co., Ltd. (the "Company") and its consolidated subsidiaries have been conducting market-based measures in relation to airbag inflators, such as product recalls and a Safety Improvement Campaign. Due to factors arising since May 2015 such as an expansion of the scope of these market-based measures based on an agreement between our supplier and the U.S. National Highway Traffic Safety Administration, a change has arisen in the estimate relating to product warranty expenses. The amount of product warranty expenses now expected to be incurred is 44,800 million yen.

Edmunds ranks the best used cars for 2013

When people ask us what car we would recommend for them, it's usually not easy to answer. To make a useful recommendation we must consider which of the numerous vehicle segments fits their needs best, and then choose one of the many vehicles offered in each segment. For some people, new cars don't meet their expectations of value, because they lose so much of it the moment they are purchased and driven off the dealer lot. For them, there's always the used-car market, where great deals can be found, but cars' histories of reliability and maintenance records - and perhaps that Certified Pre-Owned warranty - become ever-important factors playing into purchase choice.
To help out, Edmunds has done us the favor of assembling a list of the best used vehicles money can buy, covering model years 2006-2011, according to what it considers the most important criteria when shopping for used autos: reliability, safety, value and availability. That means unreliable, unsafe, super-expensive or limited-edition models don't appear on the list, but instead cars from each segment that are more likely to satisfy the general population.
There are some real goodies on the list, including but not limited to vehicles such as the capable Honda Fit, the cultish Honda Accord coupe (which can be had with a 240-horsepower V6 and a six-speed manual transmission some years), and the powerful Chevrolet Corvette. While Edmunds' choice of the Volvo C70 for best used convertible baffled us at first (not that it's a bad car), it redeemed itself by stating that the Mazda MX-5 still is an unofficial top choice if you don't require more than two seats.

Honda Accord under investigation due to airbag failures

The National Highway Traffic Safety Administration is opening a preliminary evaluation into the possibility of airbags not deploying in the 2008 Honda Accord. The agency has received 19 reports, including one injury, of the airbag control module failing, and the part is on an estimated 384,000 of the vehicles in the US. "For vehicles with a failed SRS module, some or all of the airbags may be unavailable in a crash warranting deployment," NHTSA's investigation says. Drivers are warned when the part stops working by a light on the instrument panel, but several of these reports indicate the module is unable to show diagnostic trouble codes when being inspected. The only way to fix the issue is to replace the whole component, and the Detroit News reports that can cost $500 or more. NHTSA's preliminary evaluations investigate "the scope, frequency, and consequence" of a problem and don't necessarily mean a recall is warranted. INVESTIGATION Subject : SRS Module Failure Date Investigation Opened: AUG 18, 2015 Date Investigation Closed: Open NHTSA Action Number: PE15029 Component(s): AIR BAGS All Products Associated with this Investigation close Vehicle Make Model Model Year(s) HONDA ACCORD 2008 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: ODI has identified 19 VOQ reports alleging failure of the air bag SRS control module. One of the reports involved a frontal crash event where the frontal air bags did not deploy. The crash resulted in an injury to the driver and lone occupant, and the vehicle was subsequently inspected by the agency. According to the reports, the failure of the SRS module is indicated by the air bag readiness indicator lamp illuminating on the instrument panel. Consumers report the SRS control module had to be replaced to correct the condition. Several reports indicated that the SRS module was unable to communicate thus preventing diagnostic trouble codes from being retrieved. An inability of the SRS unit to communicate raises concern about the readiness of the entire supplemental restraints system. As a result, for vehicles with a failed SRS module, some or all of the air bags may be unavailable in a crash warranting deployment. ODI is opening this investigation to further evaluate the scope, frequency, and consequence of the alleged SRS module failures.