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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 claims MDX is best-selling luxury 3-row ever

Business for Acura has been in a weird place, recently, and the company's latest car launches have been especially rocky. For example, the ILX Hybrid was recently discontinued after just two model years with only about 2,660 sold in that time. The company also delayed the launch of its new TLX by a few months until later this summer. However, despite its issues with sedans, the automaker's utility-vehicle business in absolutely booming. In fact, it now claims that the MDX is the best-selling three-row, luxury SUV, ever.
The MDX is already leading its class this year with 30,664 units sold through June 2014, up 68.4 percent compared 2013. Also, in five of the last six months of reported sales, Acura has posted gains. It appears that the company's utility lineup is really pushing it along.
To take the bestseller ever crown, Acura claims that through its three generations, the MDX has sold a cumulative 692,710 units. The premium model has also been at the top of the annual sales rankings for three-row luxury crossovers every year since 2002. The company believes that its nearest competitor is the Lincoln Navigator with an estimated 420,000 lifetime sales, and even arguably more comparable vehicles like the BMW X5 and Mercedes-Benz M-Class only have 350,000 or fewer sales under their belts. Of course, it probably doesn't hurt that the MDX has one of the lower starting prices in its class.

Acura Integra to capstone combustion era as EV transition begins

The recent launch of the resurrected Integra nameplate is just part of a larger shift in mission at Acura. Its leaders have repeatedly said they want Acura to be the performance brand of Honda, where driving fun and dynamics come first. However, in a new report, Acura says it plans to go big on fully electric vehicles, at even greater speed than its parent company, by skipping the hybrid step altogether. According to Acura assistant VP of sales Emile Korkor, the Integra was a capstone to the internal combustion era at Acura. It marked a sort of homecoming to the marque's performance pedigree, and once Integra is launched, the brand will move forward with electrifying its lineup. The company's plans were revealed in an Automotive News interview, where Korkor said, "We're going to bypass hybrids altogether. So our shift is going very rapidly into BEV. That's our main focus." At first blush, that seems to be at odds with brand boss Jon Ikeda's public statements about Acura. As recently as a couple of weeks ago, Ikeda was saying that he wanted to take the Integra racing, as something of a mascot for the "fun" brand at Honda. Perhaps we've been desensitized to automakers making big proclamations about EV transitions a la Jaguar, Land Rover, Bentley, and Infiniti, but typically the green messaging has not been about performance in the traditional sense. Says Korkor, "We're not just dipping our toe in the water with electric at Acura, we are jumping all in. And that's not just because we need to. It's because we want to. Acura is really focused on performance, and electrification is one of the greatest ways we can augment that performance." While electrification and performance are not mutually exclusive, we have yet to drive an EV that connects to the road as beautifully as a 1990s Integra or NSX did. Acuras have never been about power and torque. Yet they were still compelling performance cars thanks to brilliant steering and driving dynamics. Then there's the issue of what Acura represents. Back in February, Ikeda said that Acura was purposefully holding off on an EV strategy because it needed to re-establish its performance bona fides. Now, Korkor says, "The benefit of returning to the Integra right now is that it's going to help shepherd a new generation of customers and build loyalty as we move into a new era." The problem is, the Integra alone isn't enough to establish that performance cred.