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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

Acura gives us a lightning-quick glimpse of the NSX Type S

Acura released a short preview film to give fans a fast-paced look at the limited-edition NSX Type S. Scheduled to break cover tomorrow, August 12, it's being boldly presented as the final evolution of the second-generation model. The eight-second flick posted on various social media channels provides us with a peek at the Type S' front end. It shows two cars speeding towards the camera down what looks like a race track's main straight. Acura wants to keep the Type S under wraps until its big debut, so the footage gets blurry as the cars speed by; that's why it's called a teaser. We nonetheless think we can squint and discern a redesigned front end with larger air intakes.  Acura might have chiseled bigger vents into the front bumper because the Type S needs additional cooling air. It's powered by a mid-mounted engine, but there are radiators located right behind the front bumper in the regular-production model. Of course, we're not discounting the possibility that the vents were merely added for show. As we previously reported, the visual changes will also include a red engine cover and black exterior accents. Additionally, the Type S will offer more power than the standard, 573-horsepower NSX and sharper handling. Acura will build 350 units of the NSX Type S, and 300 of those have been earmarked for the American market. The model will make its public debut on August 12 on the sidelines of Monterey Car Week, so we won't have to wait long to learn about the improvements the company has made. If you want one, act fast; if you want the first one, bid high. Serial number one will be sold to the highest bidder at Mecum's Monterey sale on August 14, 2021. The proceeds from the sale will benefit a number of charities. As for what's next, nothing suggest there's a third-generation NSX on the way, but the GT3-spec race car will soon receive a round of updates and it might continue racing until 2024. Related video:

2021 Acura TLX Type S, 2022 BMW 2 Series Coupe | Autoblog Podcast #706

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. They start off with a chat about the (sort of) long-term 2021 Acura TLX Type S, then segue into the 2022 BMW 2 Series Coupe. It's a light news week so far, so in lieu of a current-events recap, they finish off with two scoops of "Spend My Money." Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #706 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2021 Acura TLX Type-S long-term substitute 2022 BMW M240i xDrive coupe "Spend My Money" double feature Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: Podcasts Acura BMW Coupe Luxury Performance Sedan