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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 various oddities for 2015 Tokyo Auto Salon

On January 9 the doors at the Makuhari Messe in Chiba will open for the 2015 Tokyo Auto Salon. and you know what that means, boys and girls: that's right, all sorts of strange mod jobs. Not to be confused with the Tokyo Motor Show that's Japan's main automotive expo, the Tokyo Auto Salon is the Nipponese equivalent of SEMA. Honda is among the first to announce its lineup for the show, and, well... let's just say they're not all hideous and leave it at that. The H brand has got a whole array of customized machinery in store for the tuner expo, starting with the new N-Box Slash that just went on sale in Japan as the company's latest Kei car. One version of the tall wagon on the tiny wheelbase is obviously inspired by America, or at least a Japanese impression of what American car culture is like: it's decked out in red with racing stripes, flame graphics, a highway road sign and strange checkerboard wheels. Another N-Box Slash dubbed the Cyber Code:89 concept looks like something from anime, all decked out in futuristic graphics and glowing lights. A third example is rather more tastefully done up in teal with yellow accents. Of course Honda hasn't put all its eggs in the Slash basket, turning its attention as it has to other models in the JDM lineup. There's a retro N-One concept with a low-key grey and white exterior but with a zany multicolor interior, a tasteful white N-WGN with Modulo accessories, an Odyssey Absolute 20th Anniversary edition minivan, a take on the NM4 cruiser bike that'd look right at home in Akira and – one of our favorites from the lot – a Mugen take on the Honda Legend that we know as the Acura RLX. Whether your plans will take you to Tokyo for the show or not, you can scope 'em all out in the high-res image gallery for a closer look.

Five vehicles named Top Safety Pick+ including new Civic, MKZ

In an attempt to help push vehicle safety to a higher level, the Insurance Institute for Highway Safety created a stricter Top Safety Pick+ rating last year, which incorporates a brutal small overlap test and requires cars to get Good ratings in four out of the five categories (and no less than Acceptable in the fifth). Joining the list of the safest cars of 2013, the 2013 Volvo XC60, Lincoln MKZ, Honda Civic (sedan and coupe) and the 2014 Mazda6 have all received the coveted TSP+ rating.
The Mazda6 and Lincoln MKZ have both been completely redesigned, and both received Acceptable ratings in the small overlap test. The Honda Civic, coming off its emergency refresh for 2013, is the first small car to be subjected to the small overlap test, and IIHS says that one of the car's many upgrades includes a stiffer front structure allowing it to receive Good ratings in all categories. Similarly, the XC60 gets all Good ratings thanks to, according to IIHS, Volvo updating the airbag software allowing the side airbags to inflate during the small overlap test.
The 2014 Subaru Forester has not yet been subjected to the small overlap test, so it must make do with just a Top Safety Pick rating until the IIHS tests small utility vehicles, which is expected to happen later in the spring.