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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

8 automakers, 15 utilities collaborate on open smart-charging for EVs

We're going to lead with General Motors here. GM is one of eight automakers working with 15 utilities and the Electric Power Research Institute (EPRI) at developing a "smart" plug-in vehicle charging system. Why did we start with GM? Because it's the first automaker whose press release we read that mentioned the other seven automakers. Points for sharing. For the record, the collaboration also includes BMW, Toyota, Mercedes-Benz, Honda, Chrysler, Mitsubishi and Ford. The utilities include DTE Energy, Duke Energy, Southern California Edison and Pacific Gas & Electric. The idea is to develop a so-called "demand charging" system in which an integrated system lets the plug-ins and utilities communicate with each other so that vehicle charging is cut back at peak hours, when energy is most expensive, and ramped up when the rates drop. Such entities say there's a sense of urgency to develop such a system because the number of plug-in vehicles on US roads totals more than 225,000 today and is climbing steadily. There's a lot of technology involved, obviously, but the goal is to have an open platform that's compatible with virtually any automaker's plug-in vehicle. No timeframe was disclosed for when such a system could go live but you can find a press release from EPRI below. EPRI, Utilities, Auto Manufacturers to Create an Open Grid Integration Platform for Plug-in Electric Vehicles PALO ALTO, Calif. (July 29, 2014) – The Electric Power Research Institute, 8 automakers and 15 utilities are working to develop and demonstrate an open platform that would integrate plug-in electric vehicles (PEV) with smart grid technologies enabling utilities to support PEV charging regardless of location. The platform will allow manufacturers to offer a customer-friendly interface through which PEV drivers can more easily participate in utility PEV programs, such as rates for off-peak or nighttime charging. The portal for the system would be a utility's communications system and an electric vehicle's telematics system. As the electric grid evolves with smarter functionality, electric vehicles can serve as a distributed energy resource to support grid reliability, stability and efficiency. With more than 225,000 plug-in vehicles on U.S. roads -- and their numbers growing -- they are likely to play a significant role in electricity demand side management.

2016 Honda Civic Coupe First Drive

[A Honda spokesperson confirmed to Autoblog today that the Honda Civic Coupe equipped with the 2.0-liter engine, which is reviewed below, is not affected by the engine-assembly issue that is at the heart of the stop-sale order currently affecting Civic Sedans. That particular issue was corrected before the Coupe began production. We expect to have more news about a recall involving the 2.0-liter Civic Sedans as soon as the NHTSA officially responds to Honda. - Ed.] Let's not beat around the bush – mechanically, this Honda Civic Coupe is the same as the new-for-2016 sedan, minus a couple of doors. For a lot of consumers, that lack of utility is a big problem, and it's why compact sedan-based coupes are a dying breed. Why spend the same amount of money on a car that drives identically but is less practical? But in the case of the Civic Coupe, we offer this: When a car looks this good, screw logic. The new Civic is one of the most competent vehicles to wear the H-badge in at least a decade. And this new two-door does nearly everything the four-door can do while looking like an absolute stunner. From the A-pillar forward, this is the same reserved but handsome Civic that broke cover in 2015. The new Civic is one of the most competent vehicles to wear the H-badge in at least a decade. Like a mullet (stay with us...), the Civic only gets more interesting as we proceed toward the back. The rear window sits 0.8 inches lower than on the Sedan, but that's only part of what makes the two-door more dramatic. The Coupe is 5.4 inches shorter than the sedan, but all of that is behind the rear axle – the wheelbase is identical. So while the rear window and roofline aren't dramatically lower than the sedan, you just run out of car far more suddenly. The downside, of course, is that you lose three cubic feet of cargo volume, but we think that's a fair price to pay for something that looks this good. Climb inside and feast your eyes on the cabin, which – you guessed it – is essentially exactly the same as what you find in the sedan. The seats get a standard two-tone color scheme and the door panels are ever so slightly different, but that's about it. The big change, of course, is in the backseat, which in this case should really just be reserved for passengers under five feet, five inches. In the video below, you can see your author go from front to back in a Civic Sedan, and then attempt the same feat in the Coupe. It's not pretty.