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Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world. Tokyo-based Honda said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world. Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch. Quarterly sales slipped to 3.65 trillion yen ($35 billion) from 3.73 trillion yen the same period a year earlier. Honda warned that uncertainty remains amid rising COVID-19 cases. But the company stressed it was managing to cling to profitability. Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen ($3.8 billion) from an earlier projection for 165 billion yen ($1.6 billion). The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019. But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million. Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic. Executive Vice President Seiji Kuraishi told reporters Honda is bullish on shifting its lineup to ecological models to keep up with the global efforts to curb carbon emissions and global warming. Also Friday, Toyota raised its full year fiscal forecasts to a 1.4 trillion yen ($13.5 billion) profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11% in the last quarter. Nissan reports financial results next week. Related Video: Earnings/Financials Acura Honda

Honda airbags are being stolen

The latest hot target for car thieves might just be the airbag mounted inside your steering wheel. And late-model Honda and Acura vehicles are a particularly hot target right now, for reasons not well understood. USA Today reports that criminals across the country are stealing airbags out of relatively new Honda models for apparent resale online or to black market repair shops. It's a trend that has caught the attention of law enforcement agencies in cities like Miami, New York City and Washington D.C. The National Insurance Crime Bureau (NICB) estimates that around 50,000 airbags are stolen each year. In Miami-Dade County, thieves stole 875 airbags in 2017, up from just 13 in 2013, according to police records obtained by USA Today. In the Virginia suburbs outside Washington D.C., thieves recently smashed the windows of 10 Hondas at an apartment complex to steal the airbags. Second Lt. Jonathan Bryant told the local Fox affiliate that stolen Honda airbags often end up in chop shops and can command between $300 and $500 each. A quick search of eBay listings for Honda steering wheel airbags turns up results being sold for as high as $700, though most are listing for hundreds less than that. New replacement versions purchased from dealerships approach $1,000. Many dishonest repair shops install the stolen airbags as new and charge the owner or their insurer full price for the replacement, a version of insurance fraud. Last year, police in Coral Springs, Fla. published an alert on the neighborhood social networking site Nextdoor urging residents who own a Honda or Acura to park in a garage or well-lit area, "or if you have another vehicle, pull it as close to your driver's side door as possible," they wrote. "We have seen an increase in airbag thefts, primarily in Acura and Honda models," the posting added. "The suspect(s) often disarm the alarm by cutting the battery, punch the driver side door lock or smash the window. It is believed these criminals take approx. 5-10 minutes to steal the airbag." One theory for the apparent rise in airbag thefts is that a spate of airbag recalls in recent years — including the ongoing recall of nearly 50 million potentially explosive Takata airbag inflators that left suppliers scrambling to make new parts — may have boosted demand for replacements. Most of the vehicles involved are late-model Honda Civics and Accords, but it's not clear exactly why Honda is being targeted.

Honda updates Takata airbag recall status for some models

The net enveloping vehicles in the Takata airbag inflator recall just seems to keep widening. Honda is now updating its previous campaign to revise the status for even more models that were ever registered in (or originally sold in) 13 high-humidity US states and territories.
All of these vehicles were included in the company's earlier repairs. However, at the time this fix was titled "a safety improvement campaign." This latest action upgrades that condition to "a formal recall," according to Honda's official statement. The models include: the 2003-2005 Honda Accord, 2001-2005 Civic (pictured above), 2002-2005 CR-V, 2003-2004 Element, 2002-2004 Odyssey, 2003-2005 Pilot, 2006 Ridgeline, 2003-2005 Acura MDX and the 2005 Acura RL. All of these need to have their passenger-side, front airbag inflator replaced, and the recall affects Alabama, Florida, Georgia, Hawaii, Louisiana, Mississippi, South Carolina, Texas, Puerto Rico, the US Virgin Islands, Saipan, Guam and American Samoa.
As with the rest of these affected vehicles, it's possible in a collision for the inflator to rupture spraying metal shrapnel at occupants. There are at least 139 injuries attributed to this problem from a variety of automakers so far. Among this latest population of vehicles, Honda says there have been no confirmed injuries or fatalities related to these exploding inflators.