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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.

2016 Honda Pilot earns IIHS Top Safety Pick+ score

The 2016 Honda Pilot earned a Top Safety Pick+ rating after tests by the Insurance Institute for Highway Safety. The crossover scored the agency's top Good score in all five evaluations, including the often tricky small-overlap frontal crash. The latest results give the 2016 Pilot the highest possible results from both NCAP and IIHS. In the small-overlap frontal crash, there were only four inches of intrusion in the passenger compartment, and the airbags did their job of protecting the dummy's head. Sensors showed a low risk of significant injuries. In comparison, the IIHS gave the 2015 Pilot Good scores in four tests, but the CUV had a Poor rating, the agency's lowest, in the small-overlap test. The optional Honda Sensing suite of safety functions put the Pilot over the top for the + score, and the tech earned a superior rating from the IIHS. The system combines a windshield-mounted camera and radar behind the grille and is available on the EX trim and above. It includes collision mitigating braking, a forward collision warning, lane keeping assist, lane departure warning, adaptive cruise control, and road departure mitigation. Related Video: All-new 2016 Honda Pilot Earns a 2015 TOP SAFETY PICK+ Rating from the Insurance Institute for Highway Safety (IIHS) Aug 21, 2015 - TORRANCE, Calif. 2016 Pilot offers the most comprehensive set of advanced safety and driver-assistive technologies ever available on a Honda vehicle Available Honda Sensing™ suite of advanced safety and driver-assistive technologies combines camera and radar systems to help detect vehicles, pedestrians and roadway markings Honda's aims to reduce collisions, injuries and fatalities involving its vehicles, using Honda Sensing™ technology The fully redesigned 2016 Honda Pilot (automobiles.honda.com/pilot/) has received a 2015 TOP SAFETY PICK+ rating from the Insurance Institute for Highway Safety (IIHS) when equipped with optional front crash prevention, bringing Honda one step closer to fulfilling the company's goal to be the first three-row mainstream SUV with the highest available U.S. government (NCAP) and IIHS safety ratings. This IIHS distinction includes a top rating of GOOD in five IIHS crash test modes including a top score of GOOD in the Insurance Institute's stringent small overlap frontal crash test.

2016 Honda Civic is a newly competitive compact [w/video]

It's fair to call the last-generation Honda Civic, built from 2012 to 2015 (with a quick refresher in the middle), a disappointment. It came out using an old compact car formula – going cheap and lightly equipped – at almost the exact moment its competitors embraced high technology and refined, expressive designs. We spent some time today with the vehicle meant to correct this mistake, the all-new, tenth-generation Civic. Easily the most discussed thing about the new Civic is its handsome new sheet metal, which we actually showed you last week. The expressive profile, with strong arches over the front wheels and a handsome, almost fastback-like roofline is a major departure from the duller, three-box look of the current Civic. The front fascia's highlight is the prominent chrome grille, backed by the optional LED headlights. In back, that tiny decklid is outshined – no pun intended – by a set of LED taillights that should present a very impressive look at night. The overall balance of the design is impressive. The ninth-generation Civic was widely panned for its crummy interior quality. Designed at a time of global financial crisis, Honda opted for more affordable materials that lacked the soft-touch goodness of many competitors. The new Civic addresses this shortcoming, fitting not only more impressive plastics, but the technology to back them up. From the EX trim on up, the instrument cluster's focal point is a large TFT display, flanked by a pair of traditional gauges. Yep, that's right. Honda is getting rid of the Civic's multi-tiered dash, and we couldn't be happier. On the center console, there's a seven-inch touchscreen display that uses the same Android-based operating system as the new Pilot. And speaking of Android, the Civic will play nice with both Android Auto and Apple CarPlay. As for the actual driving experience, we can't tell you much about it for another couple weeks, but we can talk briefly about the seats. The hip point has been dropped by a full inch in front, and has the effect of creating a sport-driving-ready seating position. Those seats are comfortable, too, although we'll need more than the few minutes we got with the new Civic to make an informed judgment. We don't, however, need any extra time to talk about the backseats. That plunging roofline is not conducive to rear headroom, a fact that overshadows the extra two inches of rear legroom. You're probably wondering when we'll talk about the powertrains.