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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.

Former Ferrari world champion and motorcycle ace John Surtees dies

"The main thing is that whatever I've done, I've done from the heart." – John Surtees John Surtees, the motorsports legend who's the only man to win world championships in motorcycle and Formula One competition, died Friday, March 10. He was 83 years old. Surtees' greatest fame in F1 came in 1964 when he won two races and finished second three times to capture the drivers championship and propel Ferrari to the constructors title. Dubbed "il Grande John" by the Scuderia fans, he returned Ferrari to the top of the motorsports world, but he infamously left the team after a falling-out with management in 1966. Surtees also raced in F1 for Honda, Lotus, Cooper, and others. He survived a crash during practice in 1965 while driving a Lola sports car, which broke his pelvis, ruptured his kidneys, and damaged his spine and left leg. He oversaw his own racing operation in the 1970s, and his cars competed in F1, Formula 2 and F5000. Surtees also competed in the 24 Hours of Le Mans in the 1960s and won the 1966 Can-Am title for Lola. One of the few drivers who was equally talented on a motorcycle, Surtees counted seven titles on two wheels, dominating the circuit in the 1950s for Norton and the MV Agusta. In a biography on his website, Surtees said he relished the competition above all else. "The main thing is that whatever I've done, I've done from the heart. I have loved being involved in first building and riding motorcycles and then driving cars – but above all, competing." Surtees was born in England in 1934. His father was a motorcycle racer and his son, Henry, competed in Formula 2. Henry was killed during a crash in 2009 at Brands Hatch in England. John Surtees' death immediately drew reaction from around the motorsports world, including Ferrari, MotoGP, and F1. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related Video: Motorsports Ferrari Honda john surtees

2024 Land Cruiser-palooza and 2023 Mercedes-AMG C 43 | Autoblog Podcast #792

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd for a news-packed discussion that starts with the story of the week: the official return of the Toyota Land Cruiser for 2024. That's not the only big news item to cover since our last installment, however. Seven major automakers have announced a joint venture to create an "open" American EV charging network as an alternative to Tesla's Supercharger network. Also, Mini showed off a new digital dashboard. After news, Byron talks about his time with the sporty 2023 Mercedes-AMG C 43 and Greg closes the book on the 2023 Honda Accord Hybrid. After that, they spend your money. This week, it's a European sedan showdown with a modern twist.  Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #792 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2023 Mercedes-AMG C 43 2023 Honda Accord Hybrid News 2024 Toyota Land Cruiser debuts with retro looks, mid-$50,000 price 7 major automakers to build open EV charging network 2025 Mini Cooper reveals its OLED screen, retro gauges and dog assistant Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.