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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).

Trucks, SUVs drive U.S. October new vehicle sales

DETROIT — Major automakers posted mixed U.S. new vehicle sales in October on Wednesday, though America's love affair with high-margin pickup trucks and SUVs remained in full bloom as larger, pricier vehicles fared better than passenger cars. Auto industry publication WardsAuto put the seasonally-adjusted annualized rate (SAAR) for light vehicle sales in October at a robust level of 18 million units. But after a long boom cycle, carmakers are still ill-prepared for the slight decline in sales anticipated for full-year 2017 and have taken too few steps to trim production, said Doug Mehl, a partner in consultancy A.T. Kearney's automotive practice. "When you make a new vehicle, you have volume assumptions tagged to it, and who wants to be the guy who says, 'I'm going to make less of this really cool model'?" Mehl said. "But eventually the market is the reality, and it's going to force companies one way or other here." General Motors GM reported a sales drop of 2.2 percent for the month, with consumer sales down 6.6 percent. But sales of high-margin pickup trucks, sport utility vehicles and crossovers all rose. GM also cut its inventory of unsold vehicles — a source of concern for the market — slightly. The automaker has worked to reduce its volume of excess inventory, including through significant production shutdowns in the third quarter. GM had said its inventory would rise in October. "We are heading into the fourth quarter with good momentum, thanks to a strong U.S. economy and very strong pickup and crossover sales," said Kurt McNeil, GM vice president for U.S. sales operations. GM slightly reduced consumer discounts as a percentage of average transaction prices to 13.5 percent, from 13.7 percent in the third quarter. Industry experts believe consumer discounts above 10 percent of the average transaction price are unhealthy as they erode resale values and are unsustainable in the long term. Consultants J.D. Power and LMC said last week that based on preliminary October sales numbers, discounts have exceeded 10 percent in 15 of the past 16 months. Ford The U.S. auto industry posted record sales of 17.55 million vehicles in 2016. New sales received a strong boost in September as consumers replaced vehicles damaged in southeast Texas by Hurricane Harvey the previous month. Full-year 2017 sales are expected to be slightly lower than 2016.

'Trouble-free day! No joke': Honda-powered Toro Rosso F1 car debuts

LONDON — Honda's Formula One partnership with the Toro Rosso team got off to a positive start on Wednesday with a seemingly smooth track debut of their new car on a limited mileage filming day in Italy. "Trouble-free day!! No joke," commented French driver Pierre Gasly on Twitter. New Zealander Brendon Hartley, who was at the wheel of the TR13 car at the wet Misano circuit, reported on Instagram that "the new girl ran super smooth." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Honda is starting over with the Red Bull-owned team this season after three seasons of failure with former champions McLaren left the Japanese engine manufacturer's reputation in tatters. A behind-the-scenes documentary, "Grand Prix Driver," released on Amazon recently shone a spotlight on the tension between McLaren and Honda that eventually led to the relationship tearing apart. It also revealed how the troubles had started before the launch of the car and were fully exposed once testing in Barcelona started when the car broke down repeatedly due to engine failures. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. McLaren, who finished ninth out of the 10 teams last season, is now using Renault engines and hoping to be far more competitive. How Toro Rosso, and McLaren, fare this season will be among the intriguing sub-plots to the 21-race season that starts in Australia on March 25, with Mercedes and Ferrari again expected to be the frontrunners. Italy-based Toro Rosso, one of the smaller outfits on the starting grid, has taken the cynicism and gloom-mongering about its prospects in good heart. It put out a tongue-in-cheek Q&A at the time of the first engine fire-up that included the questions: "Did it take like six attempts to fire up?", "Did the engine blow up?" and "Did your factory catch fire after the engine started?" The respective answers were "Nope, the engine fired up on the first attempt," "Quite the opposite, it started just as planned" and "Our factory is perfectly fine, thanks for the concern." The final 'question' was simply, "Good luck, you'll need it." Reporting by Alan BaldwinRelated Video: Motorsports Honda McLaren Racing Vehicles F1 toro rosso