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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

2016 Honda Accord Coupe V6 Quick Spin

Popular opinion is that Honda has not been a friend to enthusiasts in recent years. The company killed the awesome S2000, got away from building low-cost driver's cars like the CRX, ruined the Civic Si (on multiple occasions, most notably in 2002 and again in 2012), and kind of neutered Acura into a listless near-premium brand devoid of its original charm. But there are bright spots: We're finally going to get a Civic Type R in the US, and while the new NSX is a long way from the lightweight original, it's still an extremely impressive specimen. And then there's the Accord Coupe, which doesn't necessarily look like a typical performance Honda on first glance. Honda has been building the two-door Accord for decades, even as virtually every other mainstream brand has abandoned the segment. What's even more interesting, is that Honda makes one for the car guys. The company builds a V6-powered, two-door coupe with a six-speed manual transmission that probably accounts for maybe half a percent of the Accord's overall volume. Such a blatant disregard for things like economies of scale could only be achieved by a brand with a real passion for performance. Now that the Accord has been fully refreshed for 2016, we set out to revisit our V6/manual hero. Driving Notes This naturally aspirated V6 produces 278 horsepower and 251 pound-feet of torque, which admittedly isn't as much as you'd get from the slightly larger V6 engines you'd find in the likes of the Dodge Challenger, Chevrolet Camaro, or Ford Mustang. But the Honda is extremely willing to rev. That, combined with a startlingly smooth, linear torque curve, means the 3.5-liter Earth Dreams V6 is remarkably composed in both normal and aggressive driving. Low-end grunt is easy to access, despite the 6,200-rpm torque peak, while the throttle response is relatively sharp for what you might expect in an Accord. It sounds spectacular too, with a howly, Civic Si-worthy exhaust note and a notable lack of any piped-in induction silliness. It simply sounds like, you know, an engine – and a very good one at that. The buttery smooth, six-speed manual transmission has a light action, making this a true case where all you need to shift is a flick of the wrist. The clutch pedal is light and the catch point is almost too broad, meaning it's easy to ride the clutch until you get used to this setup. Once you adjust, heel-and-toeing this front-drive coupe actually becomes an entertaining activity.

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