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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

Acura NSX to end production in blaze of glory with Type S

Production of the Acura NSX is coming to an end after the 2022 model year. Before it goes, though, Acura is promising one last hurrah, in the form of a Type S variant. Said to have performance improvements and limited production, it will prove to be the ultimate form of Honda's second-generation supercar. So far, Acura has only released some teasers and a few vague statements. Now, normally when car companies make ambiguous declarations about improved performance, that means something like stiffer shocks or bigger rims (after all, handling is a form of performance, no?). In this case, Acura specifically says the NSX Type S will have more power and quicker acceleration in addition to sharper handling. That's some real talk, even if no hard figures were provided at this time. From the teasers, we can see a few visual signifiers that will distinguish the Type S from regular NSXes. Firstly, the engine cover is finished in red, a color that has traditionally been reserved for high-performance Hondas like the Type R Civic, Integra, and the NSX of the '90s. Much of the brightwork seems to be blacked out, like the door handles and rear badge. They've also added a small Type S emblem located just in front of the rear wheels. Only 350 Type S variants will be built, with 300 of them allocated for the U.S. market. And it looks like the regular NSX may not even be available. Acura's website no longer shows the regular NSX. Only the Type S is shown under the model selection menu. Prices of the first-generation NSX, introduced in 1990 and considered one of the best supercars of its era, have been on a steady rise in recent years. It's hard to say whether this generation NSX will follow suit in the collectors' market decades from now, as despite positive reviews it never quite caught with brand-conscious buyers. But if it does end up becoming a sought-after classic, though, the Type S will surely be worth a hefty premium. The NSX Type S will be fully revealed next Thursday, August 12, during Monterey Car Week, where the very first serial production 2022 NSX Type S will be sold to the highest bidder at Mecum Auction’s Monterey sale on Saturday, Aug. 14. All proceeds from the sale of VIN #001 will benefit charity, including a STEAM (science, technology, engineering, art and math) education program for underserved youth.

BMW reclaims US luxury sales crown from Mercedes

The numbers, they are in: BMW has reclaimed the luxury-sales crown from Mercedes by a margin of 9,347 cars. Mercedes donned the king's headgear in 2013 after a strong final quarter of 2013 when the new CLA and S-Class poured out of dealerships. This year, led by the 3 Series/4 Series and X5, BMW sold 339,738 units – a 9.8-percent increase year-on-year. Mercedes, led by the C-Class and M-Class, saw its sales go up by 5.7 percent to 330,391 units. We'll have to wait a bit to see if there's another registrations-vs-sales challenge as in 2012, when BMW was anointed US luxury ruler. Behind them, a dark horse named Lexus nudged closer to the leading Teutons, selling 311,389 cars. The Japanese luxury automaker also had the biggest gain among the top three, its sales rising by 13.7 percent compared to 2013. Audi had the biggest sales of anyone among the top five, though, with a 15.2-percent gain to 182,011, which moved it a spot ahead of Cadillac; the Wreath-and-Crest brand dropped 6.5 percent to 170,750. Acura (167,843), Infiniti (117,300), and Lincoln (94,474) took the final positions. Speaking of Lincoln, sales at the once-mighty luxury marque stand as the mightiest jump of any on this list, up 15.6 percent. That's the power of Matthew McConaughey... and better cars and a new crossover, sure. So now that we're back to Round One of 2015, in case no one else has said it yet: "Ok, fight!"