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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

2021 Acura TLX Long-Term Update | Drive mode selector is a surprise delight

You may have seen last week my column espousing the sensory benefits of physical switchgear in cars. They can add a bit of fun and character in the smallest ways. As it turns out, our long-term Acura TLX has a great example of this idea: the drive mode selector. In most cars, drive modes are typically chosen via a nondescript button tucked away in the center console. Sometimes the selector is buried in an infotainment menu. But in the TLX, it’s a huge, gleaming knob placed front and center in the main control stack. It would be impossible to miss. ItÂ’s actually even more prominent than the buttons for shifting. 2021 Acura TLX A-Spec View 51 Photos With the size and placement, itÂ’s a nice dial to grasp, and works with smooth action and a solid stop in either direction for flipping through modes. But what really brings it together is the speed at which modes are selected, and the sound the infotainment system makes upon choosing one. In some cars it can take a long time for the system to acknowledge your selection and engage it, but the Acura activates it nearly as soon as youÂ’ve let the dial snap back to center. And it confirms your choice with sort of whoosh-y electronic clink through the speakers. ItÂ’s the kind of quick reaction and sound design you get from high-quality video game menus. All of these aspects make the TLX nicer to use and feel more premium. It doesnÂ’t feel like a hassle to change drive modes since it takes very little time and works well. ThatÂ’s especially welcome if you like driving it in the sport mode, since the car defaults to the normal mode on start-up. It also makes the car feel like it has fast-acting software befitting a premium car. It may seem like a small thing, but small things matter when cars have become so good. And I appreciate that Acura took its time with this seemingly little component. Related Video:

2024 Honda Prologue name announced, and an Acura EV follows

Honda is revealing a couple of little nuggets of information about its future EVs today, shedding more light on the partnership between it and GM on electric vehicle technology. The big news is that Honda’s first new EV made in this partnership will be called Prologue, and it will be an SUV produced for the 2024 model year. HondaÂ’s “Prologue” logo is revealed with this news, and a few additional details about the car itself are, too. On the obvious front, Honda says the Prologue will ride on GMÂ’s global EV platform and use GMÂ’s Ultium battery technology. The company is also promising “versatility and driving range on par with our current lineup of rugged SUVs.” “Our first volume Honda BEV will begin our transition to electrification, and the name Honda Prologue signals the role it will play in leading to our zero-emission future,” says Dave Gardner, executive VP of American Honda. “The Prologue will provide our customers with a battery-electric SUV with the excellent functionality and packaging theyÂ’ve come to expect from Honda.” ItÂ’s not just Honda that will join in on the fun, though. An electric Acura SUV was also announced today. Just like the Honda, it will use GMÂ’s electric vehicle platform. A model year for the Acura wasn't promised, but Honda claimed it would be revealed “in the 2024 calendar year.” Any details beyond what you see here are being kept under wraps by Honda. WeÂ’re told to expect more “specific details” to be released over the coming months. Basically, expect a slow drip of information about the Prologue leading up to a full reveal where Honda finally shares all there is to know about the SUV. Looking even further into the future, Honda promises EVs based on an in-house-developed EV platform sometime in the second half of this decade. For now, itÂ’s calling this future platform “e:Architecture.” Ultimately, Honda promises that 100% of its auto sales in North America will be fully electric by 2040. The 2024 Prologue is the brandÂ’s first step toward this ambitious goal. Related video: