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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

Consumer Reports says infotainment systems 'growing first-year reliability plague'

The Consumer Reports Annual Auto Reliability Survey (right) is out, and the top two spots look much the same as last year's list with Lexus and Toyota in first and second place, respectively. However, there are some major shakeups for 2014, with Acura plunging eight spots from third in 2013 to 11th this year, and Mazda replaces it on the lowest step of the podium. Honda and Audi round out the top five. This year's list includes six Japanese brands in the top 10, two Europeans, one America and one Korean.
Acura isn't the only one taking a tumble, though. Infiniti is the biggest loser this year by dropping 14 spots to 20th place. Other big losses come from Mercedes-Benz with an 11-place fall to 24th, and GMC, which declines 10 positions to 19th.
Perhaps unsurprisingly, it's not traditional mechanical bugs hauling down these automaker's reliability scores. Instead, pesky problems with infotainment systems are taking a series toll on the rankings. According to Consumer Reports, complaints about "in-car electronics" were the most grumbled about element in new cars. Problem areas included things like unresponsive touchscreens, issues pairing phones and multi-use controllers that refused to work right.

eBay Find of the Day: Ayrton Senna's 1993 Honda NSX

It's not often that things owned by the late Ayrton Senna come up for sale, but the seller of this black-on-black 1993 Honda NSX (aka, Acura NSX) eBay find claims it was once owned by the Formula One legend, and that he left a footprint on the factory carpet that can still be seen today. (Footprint, or vacuum lines?...)
NSX no. T000999 was given to Senna as a gift from his mentor and sponsor, Antonio de Almeida Braga, the seller claims, and it was stored at a palace near the Estoril F1 circuit in Portugal. He also was known to drive two other NSXs, a black one and a red one - the latter in which he was seen often.
The seller claims to have owned T000999, which is still in Portugal, for 17 years, and the 31,000-mile odometer indicates it was driven about 1,500 miles per year on average. Thankfully the car has been kept stock, so whoever buys it can enjoy driving it just as Senna did - that is, if the car actually is what it's claimed to be. If the story checks out, then this is one valuable NSX, which is reflected in the high minimum starting bid of 47,500 pounds ($73,620). There have been no bids at time of writing, but with nine days left in the auction, we'll be keeping our eyes on this one.