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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

This is why Acura hasn't yet announced its EV strategy

Despite parent company Honda's green and friendly brand image, luxury marque Acura hasn't made a grand statement about electrifying their lineup. Even as brands like Jaguar, Land Rover, Bentley, and Infiniti pledge to entirely electrify their lineups in the coming decade, Acura has held back. The reason, according to Acura head honcho Jon Ikeda, is that it's focusing on reestablishing itself as a performance brand. In a wide-ranging interview with Automotive News, Ikeda says Acura came out of the gate strong in 1986 and did well for the first 20 years, but when the bottom fell out of the market in 2008 the brand experienced "growing pains." That spawned a period of self-reflection and, as Ikeda puts it, "What are we about?" The decision was made to go back to Acura's roots as the performance division of Honda. "That's what Acura is. That's what I fell in love with," Ikeda says. Ikeda joined Honda in 1989, but his promotion to Acura boss in 2015 was a surprise to many, including himself. That's because Honda had a tradition of putting engineers at the helm, and Ikeda was a designer, responsible for the looks of such cars as the FSX concept, 2001 Civic Coupe, and beloved 2004 Acura TL. 2021 Acura TLX Advance View 38 Photos When asked by AN whether Acura is worried that luxury competitors are putting stakes in the ground to claim EV brand identities, Ikeda says no. "For us as a brand, we needed to kind of refocus and reestablish ourselves as a performance brand... We want everybody to understand where we are, what we're about first. Even if we go electric we will continue to be a performance division of Honda and performance will be our focus." To earn its performance street cred, Acura poured resources into the second-gen NSX hybrid supercar, which served as testbed for how electricity can work harmoniously with performance. They will continue to campaign IMSA race cars to earn trophies as proof, and Ikeda also wants to bring more Type S models to the lineup. Ikeda says Acura is still in the process of rebuilding its foundation, but when he's done he expects people to associate Acura with performance. That sure seems ambitious to us, but products like the new TLX are a helpful stepping stone. It also explains why Acura is investing in different platforms to differentiate itself from Honda. To be clear, Ikeda isn't ruling out electrification.

2024 Acura ZDX EV previewed ahead of Monterey unveiling

Announced in August 2022, the Acura ZDX will make its debut a year later during Monterey Car Week. Our spies have spotted the Japanese brand's first series-produced electric car testing with almost no camouflage, but a new preview image gives us a better look at the crossover. The photo confirms that the ZDX will fall in line with Acura's current design language. Its front end is characterized by sharp headlights with LED accents and a trim panel shaped like the grille fitted to gasoline-powered models such as the Integra. One interesting detail is that the lower part of the trim panel is illuminated. Beyond the front end, the aforementioned spy shots confirm that the crossover's silhouette is far more conventional than the original ZDX's, which surfed the crossover-coupe wave with a polarizing design and a fastback-like roof line. If you're experiencing deja-vu, it's likely because the ZDX looks like a heavily toned-down version of 2022's Precision EV concept. It's reasonable to assume that the interior will be made far more realistic as well, though Acura hasn't revealed it yet. All we know at this stage is that the ZDX will be available with a new infotainment system with Google apps integration and a Bang & Olufsen sound system. We'll need to be patient to find out what the ZDX's specifications sheet looks like. Acura simply confirmed it will offer two variants at launch: the standard ZDX, and a performance-oriented model called Type S. The latter will stand out as the quickest and most powerful crossover in the brand's history. Both versions will use the Ultium electric technology developed by General Motors and found under the Cadillac Lyriq and Chevrolet Blazer, among other EVs. General Motors will also build the ZDX through an agreement signed with Honda in April 2022. The 2024 Acura ZDX will break cover on August 17. Sales will start in early 2024. Honda's related Prologue EV shouldn't be far behind. Green Acura Crossover Electric Luxury Pebble Beach