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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.

Texas teen is 10th Takata airbag victim

A 17-year-old high school senior from Richmond, Texas, died in a 2002 Honda Civic on March 31 after the Takata-supplied airbag inflator ruptured. This is the 10th fatality linked to the faulty parts in the US. Honda and US regulators confirmed that the airbag exploded, according to Reuters. The fatal incident occurred when the Civic's driver rear-ended a Honda CR-V. The teen was wearing a seatbelt and wasn't speeding. "Everybody should have walked away from this," Fort Bend County Sheriff's Deputy Danny Beckwith told Reuters. However, a piece of shrapnel from the inflator cut the driver's carotid artery, and the person died. With this latest fatality, there have been 10 deaths and over 100 injuries in the US from exploding airbag inflators. Nine of the deaths have happened in Honda vehicles. The other was in a Ford Ranger pickup. Investigators at the Independent Testing Coalition placed the cause of the explosions on a combination of the inflator's chemical, design, and the weather. The ammonium nitrate propellant can explode with additional force when exposed to moisture, like in high humidity areas. The part's construction is also part of the problem because it allows this humidity to access the chemical. Takata has recalled roughly 24 million airbags in 19 million vehicles in the US. The latest tally from the National Highway Traffic Safety Administration showed that as of March 11, 2016, about 7.5 million inflators have been replaced. All the parts with ammonium nitrate inflators may need replacing someday, which could affect 100 million vehicles. Related Video: Statement from Honda Concerning Confirmed Texas Rupture Statement from American Honda Motor Co., Inc. Re: Confirmed Rupture of Takata Airbag Inflator in Fort Bend County, Texas Statement date: April 6, 2016 During an inspection today, accompanied by representatives of the National Highway Traffic Safety Administration (NHTSA), the Sherriff's Department of Fort Bend County, Texas, and Takata, American Honda confirmed that the Takata driver's airbag inflator ruptured in the crash of a 2002 Honda Civic on March 31, 2016, in Fort Bend County, Texas, resulting in the tragic death of the driver. Our thoughts and deepest sympathies are with the family of the driver during this difficult time. Honda has shared all available vehicle history information collected to date with NHTSA and will continue to cooperate with NHTSA throughout the process of investigating this crash.

McLaren pondering Honda-powered 911 killer?

As one of the premier sports cars in the world, the Porsche 911 is always driving around with a target on its rear-engined backside. If a new report is to be believed, the latest automaker with plans to build a 911-fighting sports coupe could be McLaren. Motor Trend is reporting that the recent news that Honda and McLaren are teaming up to build Formula One racecars could bear road-going fruit as well.
According to the article, the unnamed entry-level McLaren coupe may be powered by a Honda-sourced engine, but a detuned version of the 3.8-liter V8 from the MP4-12C is said to be more likely. All in, though, there is no solid information on the car just yet. As a reminder, M/T points out that the last time McLaren partnered up with a mainstream automaker, the world was introduced to the Mercedes-Benz SLR McLaren.