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Honda reports $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

Honda Clarity proves hydrogen future always costs $500/month

How do you price the only car in its class? The closest thing to a Honda Clarity is the Toyota Mirai. They're both hydrogen-powered sedans, but one seats five and the other only four (the Mirai loses out, there). The only other hydrogen-powered vehicle available in the US, the Hyundai Tucson CUV, is, well, a CUV. So, really, there's no direct competitor to the Clarity. But you wouldn't know that from the price tag. Speaking this morning at the Washington Auto Show, Honda executive vice president John Mendel announced that the Clarity will have an MSRP of around $60,000 and will lease for "under $500" a month. As with other Honda vehicles, the exact numbers won't be made public until closer to the vehicle's launch date, but we assume things won't change too much. For those keeping track, those Clarity numbers are pretty much exactly what the Mirai costs. That car costs $57,500 and leases for $499/month. The Tucson can only be leased, but it, too, costs $499 a month. The Mirai and Tucson also come with free hydrogen. Honda didn't say today if the Clarity will include that bonus, but since not all hydrogen stations in California - the only place where the Clarity will be available for now – work like standard pumps, there's a good chance new hydrogen Honda owners will be able to fuel for free, too. We'll know more when the Clarity actually goes on sale – and it will be for sale and lease – later this year. Related Video: Honda Shares Clarity Fuel Cell U.S. Pricing and Sales Plans Jan 21, 2016 - WASHINGTON, D.C. Five-passenger Clarity Fuel Cell sedan slated to launch in California before the end of 2016 Expected price around $60,000 with a targeted monthly lease under $500 Next-generation Honda FCV provides significant gains in packaging, interior space and real-world performance, including an anticipated driving range in excess of 300 miles Additionally, the platform underpinning the Clarity Fuel Cell will serve as the base for a next-generation Honda plug-in hybrid to launch in the U.S. by 2018 Honda today announced the company's plans for U.S. sales of its new 5-passenger, hydrogen-powered Clarity Fuel Cell sedan at the 2016 Washington, D.C. Auto Show. Slated to begin retail leasing to customers in select California markets before the end of 2016, the Clarity Fuel Cell is expected to be priced around $60,000 with a targeted monthly lease under $500. Honda expects limited volumes in the early stages of production.