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Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world. Tokyo-based Honda said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world. Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch. Quarterly sales slipped to 3.65 trillion yen ($35 billion) from 3.73 trillion yen the same period a year earlier. Honda warned that uncertainty remains amid rising COVID-19 cases. But the company stressed it was managing to cling to profitability. Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen ($3.8 billion) from an earlier projection for 165 billion yen ($1.6 billion). The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019. But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million. Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic. Executive Vice President Seiji Kuraishi told reporters Honda is bullish on shifting its lineup to ecological models to keep up with the global efforts to curb carbon emissions and global warming. Also Friday, Toyota raised its full year fiscal forecasts to a 1.4 trillion yen ($13.5 billion) profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11% in the last quarter. Nissan reports financial results next week. Related Video: Earnings/Financials Acura Honda

Honda CEO: electric vehicles are a 'core technology'

The production version of Honda's hydrogen-powered FCEV concept remains on target for release in Japan by March 2016, and it's going to be followed by at least two more vehicles that have some form of electric powertrain. Probably more than two, but we can't be more specific than that. This is what we learned today from a speech by the new president and CEO of Honda Motor Company, Takahiro Hachigo. Speaking about the two main themes he sees for the future of the automaker (the six-region global operation structure and "continuous development of challenging products unique to Honda"), Hachigo once again confirmed an on-sale date for the production version of the FCEV concept that Honda has been trotting out at auto shows for a few years now as happening, "before the end of the current fiscal year" which ends March 31, 2016. He also said something broader about the company's vision for electric cars: "As the next-generation of mobility products, Honda will evolve products that use electricity as a core technology," he said. While we don't yet know what the electric vehicle products are, Hachigo's statements echo those of Mike Accavitti, senior vice president of American Honda, from when the FCEV concept was unveiled: "The Honda FCEV Concept not only sets our direction for our next generation fuel-cell vehicle in 2015, but for future improvements in electric drive technology." Honda previously promised new all-electric and plug-in hybrid vehicles by 2018, and today's comments signal that that plan is still in place. Things may change though, since Honda's original release date for the FCEV was 2015. Related Video: Summary of CEO Speech on July 6, 2015 TOKYO, Japan, July 6, 2015 - The new President & CEO of Honda Motor Co., Takahiro Hachigo, unveiled his future vision for the company. He highlighted two themes that the new "Team Honda" will pursue: I want to create a new Honda under two themes. < Two themes to be pursued for the new Honda > 1. Advancement of the six-region global operation structure 2. Continuous development of challenging products unique to Honda and delivering them to our customers around the world Let me talk about my vision for the future of Honda which will be established as we pursue these themes. The key word is "Team Honda." < Future of Honda – My thoughts based on personal experiences "at the spot"> Honda's strength is that team/project members share one goal and take on challenges and attain high targets.

1997 Acura Integra Type R sells for $82,000 on Bring a Trailer

Acura Integra Type R prices are getting ridiculous. The car is absolutely superb, but the latest one to sell on Bring a Trailer went for a cool $82,000. You could likely pick up two old Acura NSXs in average condition for a similar price as the single Integra Type R. But hey, nobody ever said the value of cars made sense. Why did this particular Type R reach unrivaled heights then? A few factors are obvious. It’s a one-owner, 6,000-mile, completely original 1997 ITR (what the cool kids call the Integra Type R for short). WeÂ’re still rather flabbergasted and slightly upset the original buyer only managed 6,000 miles over the approximately 22 years of ownership, but the new owner could fix that quickly. Then again, this could be a purely speculative buy, aiding heavily in the final gavel price. Wait a few months to a year, and the value of this unmolested Type R could increase another $10,000, or more if you donÂ’t add miles. It was only a year ago to date that we wrote in near-shock about a Type R with even fewer miles (1,200) going for $63,800 at Barrett-Jackson. This car blows that previous record straight out of the water. As of now, thereÂ’s no end in sight to the increasing prices of these now-slightly-old hot Hondas. Another clean Acura Integra Type R is listed on Bring a Trailer right now, and the bid is already up to $34,567 with four days left. That car has 19,000 miles on it, and is reportedly being offered by the carÂ’s second owner, who bought it two years ago. A Honda CRX Si recently went for $33,600 on the same website. The NSXÂ’s value jump hit hard a few years ago, but now its successors are following in its footsteps again. Will there come a day when an Integra Type R hits the six-digit mark? At this rate it doesnÂ’t look far away. If you want a whole lot of what the Type R offers, without the eye-watering markup, take a long, hard look at the Integra GS-R. That trim is a great step up in performance over a base Integra, and a few easy mods gets it close to the Type R from a performance standpoint. You wonÂ’t have the cache and bragging rights that come with the R, but you also wonÂ’t be afraid to put miles on it for fear of entirely ruining the carÂ’s value. Happy Honda hunting.