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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

Automakers donating money, vehicles and supplies to Oklahoma tornado relief effort

Judging by the destruction the Oklahoma City area experienced earlier this week, residents are going to need a lot of help in coming months. Fortunately, a number of automakers - including General Motors, Ford, Chrysler, Volkswagen, Honda and Toyota - have stepped up to donate money, supplies and vehicles to aid in the recovery and rebuilding processes.
Here's a quick rundown of which automakers have pitched in and what each contributed so far:
Ford Motor Company has donating $250,000 and a Transit Connect to the American Red Cross, and it will match all other donations made to the Red Cross (up to $250,000) using a special URL tied to the latter's website (link here). Additionally, its local Oklahoma dealers have thrown in an extra $150,000 for the United Way and the automaker will be offering an extra $500 toward the purchase of a new Ford vehicle.

2015 Honda Civic Type-R benchmarks the cream of the hot hatch crop

Honda has something wicked up its sleeve, based on the latest batch of spy photos we've received. This is purportedly the next Honda Civic Type-R, out testing in Germany and on the Nürburgring. The last generation of the Type-R went out of production in Europe in 2010, and while we admired it from afar, it's 2.0-liter, four-cylinder produced similar figures to the American-market Honda Civic Si.
From the looks of both it and the cars Honda engineers are benchmarking, the next Type-R will be much more powerful. In the spy photos, we can see four meaty exhaust pipes along with what is quite clearly an intercooler hiding behind the rear bumper. That's right, the next Type-R will be turbocharged. It'll need to be, though, if it's meant to tackle cars like the Opel Astra OPC, Ford Focus RS500 and Renault Megane RS Trophy (not pictured, but there according to our spies).
300 horsepower from a 2.0-liter engine should be on offer, and would match the competition quite well. Other obvious tweaks from the ho-hum five-door Civic are mainly aerodynamic. It sports an aggressive body kit with a meaty chin spoiler, rocker panels and a big rear wing. Red Brembo brake calipers can also be seen behind the sporty wheels and low-profile tires.