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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

Honda, SolarCity expand sun-powered partnership with new $50 million fund

It must be solar-power announcement time. The DOE is ready to throw $25 million at concentrating solar power and New York State just announced $94 million for solar projects. At the broadly green-minded South By Southwest Eco festival in Austin, TX this week, Honda announced an expansion of its work with SolarCity to include a new fund that could finance up to $50 million in solar projects for dealerships and homes. Well, the homes of people who have purchased a Honda or Acura vehicle, at least. Stop us if this all sounds familiar. Honda and SolarCity announced back in early 2013 that they would work together on a $65-million fund to partially subsidize the installation of solar-panels at Honda dealers and on homes of Honda and Acura drivers. The new $50 million will be used to pay for not only the equipment but also the installation, which means that if you can get access to the money, you're looking at a pretty sweet 20-year lease deal to get solar energy for your home and could make it a bit more like the Honda Smart Home in Davis, CA (pictured). How sweet a deal? Well, there's zero down payment required and a 3-kW system starts could cost you just $25 a month, according to the fine print. Rates will vary, for sure, but if that sounds like something you're interested in, check out the Honda SolarCity site. The new fund builds on the previous work that, the two companies say, created enough solar capacity to offset "more than 400 million pounds of CO2 over a 30-year lifecycle." There's more in the press release below. SolarCity and Honda Announce $50 Million Commitment to Provide Solar Power to Honda and Acura Customers and Dealerships SAN MATEO and TORRANCE, Calif., Oct. 8, 2014 – Today, at the SXSW Eco conference in Austin, TX, SolarCity® (Nasdaq: SCTY) and Honda have renewed their partnership with a new fund expected to finance $50 million in solar projects. The new commitment will make solar power more affordable and available to Honda and Acura customers and dealerships in the U.S. The companies have completed or initiated a range of solar projects for homeowners, dealerships and corporate facilities that total more than 12.5 MW of solar generation capacity. The two companies have already brought enough solar capacity online to offset more than 400 million pounds of CO2 over a 30-year lifecycle . The $50 million fund is a follow-up to a $65 million fund the companies created in 2013.

2021 Acura TLX First Drive | The mojo is returning

Buildup for the 2021 Acura TLX started more than a year ago when Acura released the stunning Type S Concept. It was long, low, wide and graced with gorgeous rear-drive proportions. Plus, it was slathered in some of the best blue paint we’ve ever seen. Acura could not have thought of a better way to say, “Hey, weÂ’re back!” ItÂ’s no surprise that the Type S Concept is a dead ringer for the production TLX. Acura designers told us the car was just about finished when the concept debuted. So yeah, the new TLX and TLX Type S were always going to look this good. The latter won't be arriving until next spring, but our first drive of this next-gen base TLX has us hopeful for the Type S and its 3.0-liter turbocharged V6. And maybe just a little nervous, too.  The bones are really good. Acura developed a new, unique platform for this TLX that was built with performance in mind from the get-go. It's not just an Accord in a fancy suit. With crossovers on the rise, Acura says its shrinking number of sedan buyers are more passionate about driving dynamics than crossover buyers, allowing them to focus on performance to an even greater degree. It makes sense. We heartily approve. The result of this performance focus is the most rigid body in any Acura not named NSX. YouÂ’ll find more advanced materials like aluminum and press-hardened steel in its makeup than any previous Acura sedan. It has a wider track (+1.2-inch front and +1.6-inch rear), a 2.2-inch wider body, a 3.7-inch longer wheelbase and a 0.5-inch shorter height. Lastly, the dash-to-axle dimension is 7.8 inches longer, giving it those sweet rear-drive proportions despite being a front-wheel-drive platform. 2021 Acura TLX Advance View 38 Photos If you're expecting more rear passenger and trunk space with the extended length, keep looking. Rear legroom is up 0.4 inch, and trunk space by 0.3 cubic-feet to 13.5 – paltry gains for how much larger the car got. The size growth benefitted style and body proportions more than it did functional considerations. Then, thereÂ’s the new suspension: double wishbones up front and a five-link rear. Acura previously used a MacPherson strut design in the front suspension and the move back to a double-wishbone design is great news for driving enthusiasts. Acura's well-regarded TL and TSX of the mid-2000s had double wishbones up front, as did many of Honda's greatest hits of yesteryear (Integra, Prelude, Civic Si, etc.).