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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

Honda recalls small number of 2016 CR-V models for airbags

Thought you'd heard the last bit of news regarding exploding airbags from Takata? Think again. Honda has issued a recall for the 2016 CR-V to replace driver-side front airbag modules. Fortunately, only 515 vehicles are covered by this recall, and only 30 affected models were actually in the hands of consumers. And, if you own a 2016 CR-V and haven't gotten a phone call from Honda, you're apparently in the clear. On October 10, 2015, an airbag inflator made by Takata ruptured in Monclova, Mexico, while being tested. Two days later, Takata notified Honda and the National Highway Traffic Safety Administration, prompting this recall. According to Honda's official announcement, though, this faulty inflator is not believed to be the same issue that caused automakers around the globe to recall 19.2 million (and counting) vehicles to replace defective airbag modules that were also made by Takata. Whether that's comforting or not, we'll let you decide. We've included both the official recall notice from NHTSA and the statement from Honda below. Here's hoping the faulty inflator that caused this recall was nothing more than a single defective part. Related Video: RECALL Subject : Driver Side Air Bag Inflator may Rupture Report Receipt Date: OCT 29, 2015 NHTSA Campaign Number: 15V714000 Component(s): AIR BAGS Manufacturer: Honda (American Honda Motor Co.) SUMMARY: American Honda Motor Company, Inc. (Honda) is recalling certain model year 2016 CR-V vehicles manufactured October 12, 2015, to October 19, 2015. The metal housing surrounding the driver's air bag inflator in these vehicles may have been manufactured incorrectly. CONSEQUENCE: In the event of a crash necessitating deployment of the driver's frontal air bag, the inflator could rupture with metal fragments striking the driver or other occupants resulting in serious injury or death. REMEDY: Honda will notify owners, and dealers will replace the driver side frontal air bag module, free of charge. The recall is expected to begin December 4, 2015. Owners may contact Honda customer service at 1-800-999-1009. Honda'a number for this recall is JV9. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Statement by American Honda Regarding Driver Front Airbag Module Recall: 2016 Honda CR-V Oct 30, 2015 - TORRANCE, Calif.

Honda recalls 6,800 Accord hybrids for switching to fail-safe mode

Honda is recalling 6,786 examples of the 2014-2015 Accord hybrid for an issue that can cause them to go into fail-safe mode. There are no reports of injuries or accidents, but the company has received 58 warranty claims about the problem as of Sept. 17, 2015, the National Highway Traffic Safety Administration reported. Due to an issue in the sedan's hybrid battery cell voltage sensor, the part can be affected by electrical noise from the hybrid battery inverter and motor circuits. When this happens, the vehicle enter a fail-safe EV mode, which shuts off the internal combustion engine and limits the speed to 40 miles per hour. According to Honda, the Accord hybrids have about two miles of driving range in this state, and afterwards they stall. As a fix, the automaker has a software update to keep the sensor from misinterpreting the electrical noise. RECALL Subject : Hybrid System may go into Fail Safe Mode Report Receipt Date: SEP 25, 2015 NHTSA Campaign Number: 15V602000 Component(s): HYBRID PROPULSION SYSTEM Potential Number of Units Affected: 6,786 All Products Associated with this Recall Vehicle Make Model Model Year(s) HONDA ACCORD HYBRID 2014-2015 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: Honda (American Honda Motor Co.) is recalling certain model year 2014-2015 Honda Accord Hybrid vehicles manufactured August 29, 2013, to May 30, 2015. Electrical interference may cause the hybrid system to switch into fail-safe mode, disabling the gasoline engine, limiting the vehicle's speed to 40 miles per hour and functioning only on battery power. Once the battery is discharged, the vehicle will stall. CONSEQUENCE: A vehicle stall increases the risk of a crash. REMEDY: Honda will notify owners, and dealers will update the hybrid system software, free of charge. The recall is expected to begin November 6, 2015. Owners may contact Honda customer service at 1-888-234-2138. Honda's number for this recall is JT7. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Statement by American Honda Regarding Cell Voltage Sensor Recall: 2014-2015 Accord Hybrid Oct 5, 2015 - TORRANCE, Calif. Honda will voluntarily recall 6,786 model-year 2014-2015 Accord Hybrid vehicles in the United States to update the hybrid system software related to the hybrid battery cell voltage sensor (CVS), free of charge.