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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.

Ford tumbles to second worst in Consumer Reports reliability survey, list dominated by Japanese [w/video]

It's no secret that MyFord Touch has had its share of problems since being introduced, but the most recent reliability survey from Consumer Reports shows just how much this infotainment system has affected Ford. Just two years ago, the automaker was in the top 10 for the institute's reliability rankings, but since then, it has tumbled to the second-lowest rung just above dead-last Jaguar. In addition to MyFord Touch, CR also attributes a handful of new products that have had issues right out of the gate.
Compiled from 1.2 million subscriber surveys, this year's auto reliability survey heavily favors Japanese automakers, with eight of the 10 spots hailing from Japan. Toyota brands grabbed the top three spots (Scion, Toyota and Lexus - in that order) with Mazda, Subaru, Honda and Acura filling the next four spots. The only non-Asian automaker cracking the top 10 was Audi at number eight.
Audi climbed a total of 18 spots from last year, and Cadillac and GMC round out this year's top gainers breaking into the top 15. Helping Cadillac's upward movement, the CTS Coupe was named the most reliable domestic car. Lincoln, Volvo and Chrysler join Ford on this year's biggest loser list.

Acura is bringing back one of the first-gen NSX's coolest colors

Between 1997 and 2003, about 20 percent of first-generation Acura NSXs wore the color Spa Yellow, also known as Indy Yellow in some markets. As the legend of the NSX grew, so did the shiny color's reputation, and today, it's one of collectors' favorites. That's why it was odd that the second-generation NSX has not offered yellow paint ... until now. Acura announced the 2020 NSX will offer Indy Yellow Pearl, a similar-but-new take on the classic. Acura currently offers eight colors on the NSX: Nouvelle Blue Pearl, Valencia Red Pearl, Casino White Pearl, Source Silver Metallic, Thermal Orange Pearl, 130R White, Curva Red, and Berlina Black. Of those, Berlina Black is considered the only heritage color, and now it's getting a partner in Indy Yellow Pearl. Although Berlina Black can be ordered as a standard color, Indy Yellow Pearl will cost an extra $1,000, which seems completely worth it. Spa Yellow, which was the fifth-most-popular first-generation NSX color, was one of two yellows offered back then. For the 2004 and 2005 model years, the last two years of first-gen NSX production, Spa Yellow was replaced with Rio Yellow. The announcement comes ahead of California's famous Monterey Car Week, where the car will make its global in-person debut. It will be shown next to an NSX GT3 Evo racecar on the main strip in downtown Carmel-by-the-Sea, California.  The 2020 Acura NSX starts at $159,495, including destination.