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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.

Honda spinning off Acura as stand-alone division in bid to wake up brand

Every major automaker has a different way of relating between its various divisions and brands. At Volkswagen, for example, the individual brands seem to operate with a large degree of autonomy. Under the Renault-Nissan Alliance, the two units share a common chief executive, but little else. The relationship between Honda and its luxury division Acura has always been rather close, but that's all about to change.
American Honda Motor Company has always handled sales and marketing in the North American market for both the Honda and Acura divisions, but new reorganization plans call for the two units to be separated under their own direction. Leading the Acura division will be Michael Accavitti, who moves into the position from his role as Senior Vice President for Auto Operations at American Honda. The Honda division will meanwhile be taken over by the current head of Acura sales, Jeff Conrad.
Both will report to John Mendel, the current executive vice president of the Automobile Sales Division that is being rebranded as the American Honda Auto Division. Unlike rivals Lexus and Infiniti - two brands that Acura beat to the market - Honda barely markets its luxury brand outside of North America. Its overseas presence is felt only in China, though we've yet to receive word on how the reorganization might effect that market - or for that matter, any potential of expanding into others.

2024 Acura Integra Type S Road Test: Just our Type

It’s so often the case that a truly special driverÂ’s car reveals itself within the first couple hundred feet behind the wheel. The 2024 Acura Integra Type S is one of those cars. In fact, the Integra Type S doesnÂ’t even need that amount of road to show itself, because so much of what makes this car magical to drive can be felt standing still in the driveway. The fizz starts when you push the well-weighted clutch in, then hear the buzzy and vibrating 2.0-liter turbocharged four-cylinder spring to life. It sends vibrations through the car and straight into your body thanks to the purposefully lacking balance shafts. Little turbocharged motors are typically lacking in character, but the Integra Type SÂ’ engine feels like itÂ’s alive and bumbling with energy at idle. Before you even start to find revs, this engine presents as one designed for performance. Take a spin through the six-speed manual transmission while stationary, and it quickly becomes obvious why Honda is the standard when it comes to manual transmissions. ItÂ’s a combination of the natural fluidity moving through the pattern – going both up and down, each gear seemingly selects itself as your wrist guides the stubby shifter along – and the mechanical click-clack connection you feel through your hand with each shift. The sheer amount of satisfaction it brings to make every last gear change is enough to make any manual enthusiast giddy. I ease off the clutch for the first time, and start to roll those thick 265-section-width tires forward, quickly revealing the perfectly weighted steering rack, clueing me in on how serious this chassis is. The view forward is spectacular past the thin A-pillars. The exhaust goes bang, ratta-tat-tat on the overrun as I ease up to the first stop sign. And the brakes only require a gentle whisper to the mega-responsive pedal to bring this hatchback to a stop. It only takes that couple hundred-foot stretch to realize that this Type S is exactly what I know it to be: a Honda Civic Type R in a different outfit. The comparison is impossible to avoid, and the Honda community may spend the next 50 years debating which one is better – trust me, there will never be a clear-cut answer – but itÂ’s undeniably great that we all get to choose between these two similar driving beasts.