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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

Honda rolls out production S660 roadster in Japan

Honda doesn't do convertibles often, but when it does, they tend to be pretty small. No Cascadas or Continentals here; just nimble little two-seat roadsters like the S2000, del Sol and the legendary Beat. That's the line into which it tapped with the reveal of the S660 concept at the Tokyo Motor Show late in 2013, and now it's rolling it out in dealerships across Japan. Picking up where the Pininfarina-designed Beat left off in 1996, the S660 is heir to a proud tradition of Japanese roadsters like the Suzuki Cappuccino and Daihatsu Copen – two-seat convertibles designed to Japan's Kei car specifications and even smaller than the Mazda MX-5 Miata or Toyota MR2 Spyder. The new S660 joins Honda's minicar lineup alongside the N Series and adopts the same 660cc inline-three, but spins it around to mount it amidships and adds a turbocharger. It's got a roll-up canvas roof and a two-tone cabin that gives driver and passenger seats of different shades. 45/55 front-rear weight distribution promises to keep it fun but friendly, with brake-based torque vectoring to keep it all under control - all wrapped in a package that has barely changed any on the road to production. The Japanese automaker has still yet to reveal full specifications, including overall dimensions, output and performance. But while it won't be outperforming the Civic Type R or new NSX anytime soon, the combination of turbo power and compact dimensions promise to deliver what we can only imagine will be a fun ride. And imagine is what we'll just have to do, because for the time being, Honda will only offer the S660 in its home market. There buyers will be able to choose between a six-speed manual or continuously variable transmission, two trim levels, six paint colors and even a Concept Edition that adopts a similar color scheme as the show car. The manufacturer expects to move 800 of these little roadsters every month, but no more than 660 examples of the special edition. Related Video: Honda to Begin Sales of All-New S660 Open-top Sports-type Mini-vehicle TOKYO, Japan, March 30, 2015 - Honda Motor Co., Ltd. will begin sales of the all-new Honda S660, a 2-seater open-top sports car, on April 2, 2015, at dealerships across Japan. In addition, on the same day Honda will begin sales, in a limited quantity, of the S660 CONCEPT EDITION, a special model that commemorates the market launch of the S660. Only 660 units of this special edition will be sold in Japan.

2015 Australian Grand Prix all about grooves and trenches [spoilers]

We can't remember the last time 90 percent of the action in Formula One had nothing to do with cars setting timed laps. Yet that's was the situation at the Australian Grand Prix, continuing the antics from a scarcely believable off-season with blow-ups, driver and team absences, a lawsuit, and a clear need for some teams to get down and give us 50 pit stops. Nothing much has changed from a regulation standpoint, and at the front of the field nothing has changed at all. Lewis Hamilton in the Mercedes-AMG Petronas claimed the first position on the grid like someone put a sign on it that read, "Reserved for Mr. Hamilton;" teammate Nico Rosberg was 0.6 behind in second, Felipe Massa in the Williams was 1.4 seconds back in third. Sebastian Vettel proved that Ferrari didn't do another Groundhog Day routine this off-season, slotting into fourth. His teammate Kimi Raikkonen was not even four-hundredths of a second behind, ahead of Valtteri Bottas in the second Williams, Daniel Ricciardo in the first Infiniti Red Bull Racing, and rookie Carlos Sainz, Jr. in the first Toro Rosso. Lotus, now powered by Mercedes, got both cars into the top ten with Romain Grosjean in ninth, Pastor Maldonado in the final spot. However, even though the regulations are almost all carryover, in actual fact, everything has changed this year. Mercedes is even faster. Renault is even worse. Ferrari and Lotus are a lot better. Toro Rosso is looking like anything but a junior team. And McLaren is – well, let's not even get into that yet. Furthermore, this weekend was shambles: 15 cars started the race, the smallest naturally-occurring grid since 1963. Manor couldn't get its cars ready before qualifying. Bottas had to pull out after qualifying when he tore a disc in his back and couldn't pass the medical clearance tests. The gearbox in Daniil Kvyat's Red Bull gave out on the lap from the pit to the grid, and to give misery some company, the Honda in Kevin Magnussen's McLaren blew up on the same lap. When the lights went out, Hamilton ran away and was more than a second ahead of his teammate at the end of Lap 1. The advantage disappeared, though, because behind him, at the first corner, we got our first pile-up. As Raikkonen drove around the outside of Vettel at the right-hand Turn 1 it looked like Vettel, going over the kerbing, hopped to his left and bounced into Raikkonen.