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Profit at Honda doubles on strong global sales of cars and motorcycles

TOKYO — Honda reported Wednesday that its April-June profit more than doubled on healthy sales of its motorcycles and cars, as the Japanese company also received a perk from favorable exchange rates. Honda Motor Co. said its fiscal first quarter profit totaled 363 billion yen ($2.5 billion), up from 149 billion yen. Quarterly sales jumped 21% to 4.6 trillion yen ($32 billion). HondaÂ’s financial service division also reported growing sales. Honda said its profitability improved, especially in North America, where production recovered. Automakers around the world were slammed by supply shortages because of production delays related to social restrictions caused by the COVID-19 pandemic. But such restrictions have eased, allowing production to pick up again. Auto sales were about the same in Japan in the latest quarter as in the previous year, while dropping significantly in China because of intense competition from makers of battery electric vehicles, Honda said. Honda is banking on growth in EVs in the U.S. market, where it recently announced it is joining six other companies in the creation of a high-powered charging network across North America. Worries about climate change have helped set off a dramatic shift in the auto industry toward battery electric vehicles, allowing for relative newcomers like Tesla and BYD to prosper, while catching some Japanese makers off guard with their hybrids and regular gasoline-powered models. Honda said a computer chip shortage crimped its motorcycle sales in India, while sales rebounded in Indonesia as production recovered. Honda said it sold 901,000 vehicles in the latest quarter, up from 815,000 a year earlier. It also sold more motorcycles worldwide at nearly 4.5 million, up from 4.2 million. Honda added 23 billion yen ($160 million) to its quarterly operating profit because of the impact of currency exchange rates. A weaker yen, trading lately at about 143 yen to the U.S. dollar, is a boon for Japanese exporters by boosting the amount of its overseas earnings when converted into yen. Honda stuck to its full year projection of an 800 billion yen ($5.6 billion) profit, up from 651 billion yen a year earlier. Honda shares slipped 0.9% on the Tokyo Stock Exchange. Related video: Earnings/Financials Acura Honda

United States drivers buying fewer Mexican-made cars

Crossovers and pickup trucks are not only growing in market share, they're also more profitable than cars. A crossover on the same platform as a sedan retails for thousands more, despite similar components. It's one of the reasons we've seen automakers rapidly shifting production of their sedans and hatchbacks to Mexico, where cheap labor preserves the thin profit margins on these inexpensive vehicles. But as the market continues to shift in the United States, Mexico is getting burned by its lack of product diversity. The country's auto exports, which are heavy on cars, suffered a 16-percent drop last month, Automotive News reports. In total, year-over-year exports fell from 233,515 to 197,020 last month, while year-to-date exports are down by 7.4 percent, from 922,029 to 854,118. The number one culprit? America – which usually accounts for 75 percent of Mexico's exports – and its appetite for crossovers and pickup trucks bolstered by cheap gas prices. While Mexico does build some light truck models – AN specifically calls out the Ram 2500, Honda HR-V, GMC Sierra, and Toyota Tacoma as export leaders – the vast majority of vehicles rolling out of its factories are sedans and hatchbacks. In fact, the three biggest drops in Mexican exports came from companies whose south of the border factories only build cars – Ford (Fusion/Lincoln MKZ and Fiesta), Mazda (Mazda3), and Volkswagen (Golf and Jetta). Mexican Automotive Industry Association President Eduardo Solis told AN the export shortfall will likely be sorted out sooner rather than later, thanks to a pair of new factories – a Kia car factory and an Audi SUV plant – that are coming online by year's end. The two facilities will add around 100,000 vehicles to the country's export totals, which Solis said should leave the industry on the verge of breaking another export record in 2016. But how sustainable will these record-breaking years be? Slapping an "Hecho en Mexico" sticker on a new German SUV won't be enough to change the fact that Mexico's product mix is tilted too heavily towards body styles that are not growing in volume. Mexico's record-breaking export years probably aren't at an end, but we'd argue they're certainly under threat. News Source: Automotive News - sub. req.Image Credit: Omar Torres / AFP / Getty Images Plants/Manufacturing Ford GMC Honda Mazda RAM Volkswagen Truck Crossover SUV Mexico

Honda CR-V vs. Subaru Forester Cupholder Test | King of cups

When I got our long-term Subaru Forester back from the shop to fix a mysterious source of moisture, I also happened to have a Honda CR-V Hybrid taking up temporary residence in my driveway. After testing out my large son's car seat in each to these two right-sized vehicles, I moved on to the examine their capacity for the second-most-precious cargo they could carry: beverages.  I counted eight cupholders in each of these cars, which amounts to two per outboard passenger. Two front cupholders on the center console, one in each front door, one in each rear door, and two in the center armrest that folds down in each rear row. That's not Subaru Ascent levels of beverage storage (19 cupholders!), but it should be plenty to keep a family hydrated on a short-to-medium drive. Though these two appear to be equal in quantity, let's take a closer look and see if they're equal in quality, too. I brought along a Klean Kanteen bottle that's about the same size as most other brand of metal water bottles folks carry around, a big Corkcicle 24-ounce insulated tumbler, a standard 12-ounce soda can, and a skinny, 7.5-ounce soda can that's the same width as a lot of canned energy drinks. As a bonus, I — the man known to Twitter as "that one dude with the Nalgene bottle" — brought my trusty 32-ounce Nalgene to see if it fits anywhere. Let's start with the spots we use the most. I like the placement of the CR-V's front cupholders for their easy reach, but beverages block the wireless charging pad (only available on the Touring trim and as Riswick discovered, it has issues). In the Forester they're further back, out of the way of the center stack, but a somewhat awkward angle for retrieval. Now let's fill 'em up, starting with the Honda. As expected, there's plenty of room for the cans, but perhaps too much room. They both wobble around quite a bit in there. The bottle and cup fit much more securely, but the water bottle rattles around a bit in there. The Corkcicle cup is going nowhere. In the Forester, the little rubber doodads inside the cupholder do a much better job of holding even the smaller can in place. A perfect fit! As for the reusables, the Corkcicle cup is snug, while the bottle has a little bit of wiggle room, though not quite as much as in the CR-V. OK, let's try the front door pockets. In the CR-V, the cans are a bit loose, but the purple Klean Kanteen fits as though the pocket were designed for it. The mighty Corkcicle is too big to fit securely.