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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 $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Editors' Picks June 2022 | Acura MDX and the revamped GMC Sierra

This month of Editors' Picks include a pair of excellent vehicles vying for a spot at the top of their respective classes. GM has long disappointed us with its latest generation of Silverado and Sierra pickups, but the 2022 update is a turning point. Plus, Acura rounds out its MDX lineup with a Type S model, and it's enough to earn an Editors' Pick. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in June that earned an EditorsÂ’ Pick. 2022 GMC Sierra 1500 2022 GMC Sierra Denali Ultimate View 44 Photos Quick take: GM fixes the GMC Sierra's biggest flaw this year with a new interior. Plus, it gains the AT4X trim for more off-road prowess and keeps all that was good from before. Score: 8.0 What it competes with: Ford F-150, Ram 1500, Toyota Tundra, Nissan Titan, Chevrolet Silverado 1500 Pros: Top-notch luxury interior, stout capability, wide range of great powertrains Cons: Ride is flinty/rough, looks that divide From the editors: Road Test Editor Zac Palmer — "It really depends on what trim level you spring for with the Sierra. Buy the Denali Ultimate, and the interior is just as good as the competition. If you're not going all out on luxury features, though, at least get the diesel. It's the smoothest operating diesel engine out there, and it's also efficient. This is one great truck when you set it up in the ideal configurations." Senior Editor James Riswick — "The GMC Sierra Denali interior has gone from "They just didn't try" to "They tried harder than everyone else." The Denali Ultimate's design, detailing and materials are particularly impressive. If you want a luxury truck, this delivers." In-depth analysis: 2022 GMC Sierra Review | GM's 'premium truck' is actually now premium   2022 Acura MDX 2022 Acura MDX Advance View 23 Photos Quick take: The MDX is one of the best luxury bargains in the three-row class. It has great looks, a sumptuous and sporty interior and even offers a Type S performance variant.