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Profit at Honda doubles on strong global sales of cars and motorcycles

TOKYO — Honda reported Wednesday that its April-June profit more than doubled on healthy sales of its motorcycles and cars, as the Japanese company also received a perk from favorable exchange rates. Honda Motor Co. said its fiscal first quarter profit totaled 363 billion yen ($2.5 billion), up from 149 billion yen. Quarterly sales jumped 21% to 4.6 trillion yen ($32 billion). HondaÂ’s financial service division also reported growing sales. Honda said its profitability improved, especially in North America, where production recovered. Automakers around the world were slammed by supply shortages because of production delays related to social restrictions caused by the COVID-19 pandemic. But such restrictions have eased, allowing production to pick up again. Auto sales were about the same in Japan in the latest quarter as in the previous year, while dropping significantly in China because of intense competition from makers of battery electric vehicles, Honda said. Honda is banking on growth in EVs in the U.S. market, where it recently announced it is joining six other companies in the creation of a high-powered charging network across North America. Worries about climate change have helped set off a dramatic shift in the auto industry toward battery electric vehicles, allowing for relative newcomers like Tesla and BYD to prosper, while catching some Japanese makers off guard with their hybrids and regular gasoline-powered models. Honda said a computer chip shortage crimped its motorcycle sales in India, while sales rebounded in Indonesia as production recovered. Honda said it sold 901,000 vehicles in the latest quarter, up from 815,000 a year earlier. It also sold more motorcycles worldwide at nearly 4.5 million, up from 4.2 million. Honda added 23 billion yen ($160 million) to its quarterly operating profit because of the impact of currency exchange rates. A weaker yen, trading lately at about 143 yen to the U.S. dollar, is a boon for Japanese exporters by boosting the amount of its overseas earnings when converted into yen. Honda stuck to its full year projection of an 800 billion yen ($5.6 billion) profit, up from 651 billion yen a year earlier. Honda shares slipped 0.9% on the Tokyo Stock Exchange. Related video: Earnings/Financials Acura Honda

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

Honda, Acura lay out future plans: HR-V and more coming in 2022

Automakers and PR representatives are notoriously tight-lipped about upcoming vehicles. The infamous line that all of us in the car news business are familiar with is, "We cannot comment on future product." But this week, Honda opened up a little bit and laid out its big reveals for the coming year, and it's going to be a busy one. It all starts with the 2023 Honda HR-V, shown in the renderings above. The company didn't share a whole lot of details since it was focusing on the broad product plans, but it did note that it will be "unique to North America." It's not clear if it's just styling, which is abundantly obvious compared to the European HR-V and Japanese Vezel shown below, or if it will have a different platform and powertrains. We suspect the latter, since looking at the renderings, not only does it have a meaner, more aggressive look, but the glass in the greenhouse is different, as are the door handles. The HR-V is only the start of the big product rollout. More SUVs follow starting with the new CR-V, and then the new Pilot. A new Accord is coming, and of course there's the imminent Civic Type R. Acura's rollout is a bit more modest, with the big launches being the new Integra and the Type-S version of the MDX. Honda HR-V / Vezel View 11 Photos Plug-in hybrids aren't part of the plan There's one thing that Honda isn't including in its plans, and that's plug-in hybrids. When asked why, American Honda's executive Vice President of National Operations Dave Gardner noted that public and governmental feelings have moved from just reducing emissions to eliminating them entirely. As such, the time and effort to develop plug-in hybrids doesn't make sense when that could be applied to fully electric cars. Conventional, non-plug-in hybrids are still planned, and Honda is expecting ever increasing hybrid sales in the next few years. The company is expecting half of Accord sales will eventually be hybrid. As for Acura, hybrids aren't planned to be a big part of sales, with the brand jumping straight to EVs. Speaking of EVs, Honda's first North American electric car is still planned to be the Prologue. It's the electric model that's going to be based on a General Motors product. It's slated for the 2024 model year, and Honda is anticipating around 70,000 annual sales for it to start. Acura will get a counterpart to the Prologue, which may be named ADX. Related video: