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Honda execs take 'quality-related' pay cut after Fit Hybrid's 5th recall

Generally, the best policy in life is to admit when you're wrong and just accept the consequences. However, that attitude generally seems to be a bit less common in the world of business - at least without some government or legal prodding. So, it's especially surprising to learn that top Honda executives in Japan are taking a pay cut for the next three months following the fifth recall of the Fit Hybrid (pictured above) in the last 12 months.
According to Reuters, Chief Executive Takanobu Ito is taking a 20-percent pay cut to make amends for the quality issues. Also, 12 other high-ranking executives are taking 10 percent drops in their salaries. In addition to those temporary changes, Honda is creating a new position in charge of monitoring vehicle quality.
The latest recall fixes "noise-related defects," according to Reuters, on both the hybrid and naturally aspirated versions of the Fit, both variants of the Vezel (the sibling to the future HR-V in the US) and the N-WGN. There have also been three recalls for problems with the hybrid's seven-speed dual-clutch transmission. None of them have caused reported injuries or deaths, and these issues haven't affected US models.

Buckeye Current back on track at Pikes Peak with new rider [w/video]

After suffering a major setback, the Buckeye Current electric motorcycle racing team of students from Ohio State University looks set to take on the 2015 Pikes Peak International Hill Climb on June 28. The squad's longtime rider Rob Barber suffered a crash on the bike during practice for the event. Now, three-time Pikes Peak 450 Pro Class winner Joe Prussiano (pictured above) has taken over to challenge the mountain for the group. In some ways, Buckeye Current is the scrappy underdog of the electric motorcycle racing world. The student team has definitely shown speed, though. In 2013 and 2014, its bikes took consecutive third place finishes in the Isle of Man TT Zero with Barber in the saddle. This year the squad's sights are set on Pikes Peak with a new bike called the RW-3, and the aim is for a possible overall motorcycle record. Utilizing a frame from a Honda CBR1000RR, the students created the 7.8-kWh battery pack, carbon fiber fairing, and electronics system. The team estimates the cycle is making over 134 horsepower and is capable of an average speed of 76 miles per hour up the hill climb. Following Barber's crash, the RW-3 had to be rebuilt, but it has now passed tech inspection to race up the mountain again. Scroll down and check out Prussiano's first ride of the RW-3 on America's Mountain. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. BUCKEYE CURRENT RALLIES TO COMPETE IN THE 2015 PIKES PEAK INTERNATIONAL HILL CLIMB Buckeye Current, the student electric motorcycle team at The Ohio State University, has completed its latest all-electric racing motorcycle. RW-3 will compete in the 2015 Pikes Peak International Hill Climb June 28. This follows on the success of the team's 2013 and 2014 Isle of Man TT Zero performances in which renowned rider Rob Barber piloted the team's RW-2 and then RW-2.X vehicles to third place victories, achieving the title of the world's fastest collegiate electric motorcycle two years in a row. After earning two podium finishes at the Isle of Man, the team was looking ahead to a new challenge. This year the team had to create an entirely new bike to conquer Pikes Peak. RW-3 is designed to average 76 miles per hour through the course with a top speed of 125 miles per hour. The battery pack holds 7.8 kilowatt-hours of energy on board and contains 972 individual 18650 cylindrical battery cells.

U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.