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Honda charged another $363 million over Takata airbags

The Takata airbag recall is growing increasingly expensive for Honda. In the latest hit to the automaker's bottom line, the company is revising the expected costs of its global safety campaigns by an additional 44.8 billion yen ($363 million) after the massive expansion in May. Months ago, Honda announced that it had set aside 50 billion yen ($425 million at the time) to meet the predicted expenses. According to Automotive News, due to the rather arcane laws of accounting, these new costs will actually be applied to the fiscal year that ended on March 31, rather than the current one. Honda's revised earnings will be announced in late June. The company previously reported an operating profit of 651.7 billion yen ($5.3 billion), which was down 13 percent from the previous year. There has been no change to planned dividends for investors. In the US, Honda and Acura have a total of about 6.28 million vehicles in need of a replacement airbag inflator, and the automaker says about two million of those are already repaired. In addition to the Takata campaign, the company has faced other financial setbacks during this calendar year. For example, in early January, it received a $70 million fine from the National Highway Traffic Safety Administration for failing to report 1,729 cases of injuries or deaths over 11 years. As part of a strategy to improve quality globally, Honda cut back its global sales forecasts for the coming year, and it also decided not to make any volume predictions through 2017. To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, 107-8556 Tokyo Takanobu Ito President and Representative Director Notice of Events after the Reporting Period Regarding Product Warranty Expenses Honda Motor Co., Ltd. (the "Company") and its consolidated subsidiaries have been conducting market-based measures in relation to airbag inflators, such as product recalls and a Safety Improvement Campaign. Due to factors arising since May 2015 such as an expansion of the scope of these market-based measures based on an agreement between our supplier and the U.S. National Highway Traffic Safety Administration, a change has arisen in the estimate relating to product warranty expenses. The amount of product warranty expenses now expected to be incurred is 44,800 million yen.

Honda Project 2&4 concept has 212 hp, 893 lbs, and our hearts

Take one look at the Honda Project 2&4 concept, and it's immediately clear that the minimalist track special is the result of a collaboration between automotive and motorcycle designers. The body's styling is a modernized take on the Japanese brand's RA272 Formula One car from the 1960s, but then you notice the weird driver's seat that's fully exposed and suspended just inches above the road. The result is a vehicle that looks absolutely deadly, but like an absurd thrill to pilot, too. The Project 2&4's floating seating design simultaneously evokes both a sport bike and a go-kart. There's no dashboard or windshield at all, and the driver simply gets a steering wheel and a glass panel for the instruments. It's hard to imagine pairing things down much more than this, especially since the whole vehicle weighs just 893 pounds. The concept's other major piece of motorcycle DNA is the mid-mounted 1.0-liter V4 sourced from Honda's RC213V that races in MotoGP. Tuned here for road use, it puts down over 212 horsepower when spinning at 13,000 rpm, and peak torque of 87 pound-feet hits at a still stellar 10,500 rpm. The redline is at a stratospheric 14,000 rpm. The high-revving engine bangs through the gears through a six-speed dual clutch transmission. Unfortunately, the Project 2&4 has zero provisions for even a modicum of driver safety, and that makes it exceedingly unlikely for one to ever see customer orders. We still look forward to seeing that bizarre, floating seat on display at the 2015 Frankfurt Motor Show, though. HONDA PROJECT 2&4 POWERED BY RC213V TO DEBUT AT FRANKFURT: A COMBINATION OF GLOBAL CREATIVITY AND CRAFTSMANSHIP Winner of Honda's 'Global Design Project' to debut at the Frankfurt Motor Show Cabin-less structure features a floating seat design for immersive driving experience Powered by Honda's MotoGP RC213V engine, modified to run on public roads 'Honda Project 2&4 powered by RC213V', the winning entry from Honda's 'Global Design Project', will make its global debut at the 66th Frankfurt Motor Show at stand B11 in Hall 9.0. Embodying the concept of 'creative craftsmanship', Honda Project 2&4 celebrates Honda's position as the world's leading engine manufacturer, providing engines to 28 million people per year across two- and four-wheel automotive, power equipment, marine and aerospace applications.

Toyota, Mazda drop Takata as Mitsubishi, Subaru weigh options

It's not a very good time to be Takata right now. Fresh on the heels of longtime partner Honda ditching them, Toyota and Mazda have both come out and said they will not use the company's airbag inflators if they continue to rely on ammonium nitrate. Bloomberg reports that Subaru and Mitsubishi are also contemplating a divorce. "The inflator using ammonium nitrate produced by Takata will not be adopted by Toyota," President Akio Toyoda said during a briefing today. "What's most important above anything else is the safety and peace of mind of customers." Mazda echoed that position, simply saying it "will not use Takata airbag inflators which contain ammonium nitrate in our new cars." When you lose three huge OEM accounts in as many days, it's certainly going to have a deleterious effect on your fortunes. In Takata's case, that's meant a staggering 39-percent drop in their share price over the last three days. Yesterday alone, the company saw a 6.2-percent fall, Bloomberg reports. As the business publication reports, though, Takata isn't going down without a fight. The company is "considering some plans to survive," including a fundraising plan that will see it potentially offer up additional shares for sale. Still, at least one analyst doesn't see whatever company survives staying involved in the airbag inflator business. "I really don't see how they're going to be able to survive as an inflator manufacturer," Valient Market Research founder Scott Upham told Bloomberg. "When your major clients publicly come out and say that they're not going to use your products anymore, it makes this very difficult to sustain your business." News Source: Automotive News - sub. req.Image Credit: Carlos Osorio / AP Honda Mazda Mitsubishi Subaru Toyota Safety supplier