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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

2019 Acura RDX undercuts rivals with base price of $38,295

The all-new 2019 Acura RDX will hit dealers on June 1, 2018, and it'll come with a window sticker bearing a base price of $38,295. That's for a front-wheel-drive RDX; adding all-wheel drive brings the base price to $40,295. Standard equipment includes the AcuraWatch safety and driver assistance package, which bundles automatic emergency braking, adaptive cruise control, lane keeping assist, and road departure mitigation. All RDX models, regardless of trim, are powered by a 2.0-liter turbocharged four-cylinder engine that sends 272 horsepower and 280 pound-feet of torque through a 10-speed automatic transmission to the drive wheels. That's more power than rivals like Audi Q5, BMW X3, Mercedes-Benz GLC300, and Volvo XC60, all of which are cited by Acura as key competitors in the small premium crossover segment. The EPA has given the 2019 RDX estimated fuel mileage ratings of 22 city, 28 highway, and 24 combined, or 21/27/23 with all-wheel drive. That's better than the AWD 2018 RDX's 19/27/22 rating, but under the class-leading 22/29/25 figures of the BMW X3, though the Bimmer has less horsepower and torque than the RDX. Perhaps even more important than the low-for-its-class starting price is the reasonable increase in cost as the trim level rises. Opting for an RDX with the Tech Package will cost $41,495 and bring with it navigation with real-time traffic, perforated leather seating surfaces, an ELS Studio audio system with 12 speakers, blind-spot monitoring, rear cross-traffic monitor, and front and rear parking sensors. The new RDX A-Spec package branches off the Tech trim level and adds sportier styling with blacked-out accents replacing chrome, 20-inch wheels, 4-inch exhaust tips, an ELX Studio audio system with 16 speakers, heated and ventilated seats, LED fog lights, and sport seats trimmed in leather and Ultrasuede. A red interior package is optional. At the top of the RDX pyramid sits the Advance trim for $46,395. That model gets cool stuff like a high-tech adaptive damper system, 16-way power driver and passenger seats (heated and cooled up front and heated in the rear), a head-up display, surround view camera, genuine wood trim, and a hands-free power tailgate. It's worth noting that since the A-Spec is based on the Tech and not the Advance trim it's not possible to get the adaptive dampers or fancy front seats packaged with the sportiest-looking RDX model. Here's hoping those bits are added as A-Spec package options at a later date.

A car writer's year in new vehicles [w/video]

Christmas is only a week away. The New Year is just around the corner. As 2014 draws to a close, I'm not the only one taking stock of the year that's we're almost shut of. Depending on who you are or what you do, the end of the year can bring to mind tax bills, school semesters or scheduling dental appointments. For me, for the last eight or nine years, at least a small part of this transitory time is occupied with recalling the cars I've driven over the preceding 12 months. Since I started writing about and reviewing cars in 2006, I've done an uneven job of tracking every vehicle I've been in, each year. Last year I made a resolution to be better about it, and the result is a spreadsheet with model names, dates, notes and some basic facts and figures. Armed with this basic data and a yen for year-end stories, I figured it would be interesting to parse the figures and quantify my year in cars in a way I'd never done before. The results are, well, they're a little bizarre, honestly. And I think they'll affect how I approach this gig in 2015. {C} My tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015 it'll be as high as 73. Let me give you a tiny bit of background about how automotive journalists typically get cars to test. There are basically two pools of vehicles I drive on a regular basis: media fleet vehicles and those available on "first drive" programs. The latter group is pretty self-explanatory. Journalists are gathered in one location (sometimes local, sometimes far-flung) with a new model(s), there's usually a day of driving, then we report back to you with our impressions. Media fleet vehicles are different. These are distributed to publications and individual journalists far and wide, and the test period goes from a few days to a week or more. Whereas first drives almost always result in a piece of review content, fleet loans only sometimes do. Other times they serve to give context about brands, segments, technology and the like, to editors and writers. So, adding up the loans I've had out of the press fleet and things I've driven at events, my tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015, it'll be as high as 73. At one of the buff books like Car and Driver or Motor Trend, reviewers might rotate through five cars a week, or more. I know that number sounds high, but as best I can tell, it's pretty average for the full-time professionals in this business.