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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

The original Acura NSX: Development history and driving the icon

The original NSX, introduced in production form in 1990 by Honda and to the United States market under the Acura brand in 1991, is now officially 25 plus years old. Generations of car enthusiasts grew to love the original NSX over the 15 years it was in production and beyond, but as an fan and owner, I think it's important to fully realize just how monumental a shift the introduction of the NSX was in the art of making cars. So, retold 25 years later, this is the abridged story of the NSX, Honda's supercar. The Idea The NSX was an extremely risky project for Honda, a company that in the late 1980's was nowhere near the corporate juggernaut that it is today. Honda's eponymous founder, Soichiro Honda, was still involved in decision-making at the company during this time under the role of "Supreme Advisor," and it is debatable whether the NSX project in its infancy would have gone forward at all had he not still been pushing the company towards the spirit of technical achievement it had been known for in the prior decades. Mr. Honda was still so involved during this period, in fact, that when the first batch of 300 production NSXs were made with a version of the Acura badge he didn't like, he ordered all of the cars stopped at port in the USA, the new badges applied, and the offending incorrect badges sent back to Japan to be systematically destroyed. This was clearly a man who paid attention to the details, but I digress. Honda as a company devoted $140 million dollars to the NSX project ($250 million in today's money), half of which would go to developing the car, and the remainder of which would go to building a new state-of-the-art factory to assemble it. Honda's own goals for the NSX were actually exactly as most media stories portray the car today: to build a bona-fide exotic supercar, but one without the ergonomic and reliability penalties associated with that type of car. They didn't want to sacrifice the needs of the driver to the supposed demands of performance, demands that they felt didn't have to be there in making a truly top-level performance machine. The R&D team wanted a car that could hang with heavyweight exotics in a straight line, play with smaller and more lightweight sports cars in the curves, and cruise in serenity on the freeway. Essentially, they wanted it all, and the brief was to have a car that could do everything without compromise.

Acura recalling 76,000 TSX sedans in certain cold-weather states

Parent company Honda is issuing a recall for Acura TSX vehicles from model years 2004 to 2008, for a rather interesting fault with the electrical systems (well, kind of). It seems that TSX made between during that range have carpeting that degrades when it becomes saturated with "corrosive materials for deicing." The carpeting is in contact with each Acura's electronic control unit, which may in turn rust or become corroded as a result. All of that business could cause the engine to stall.
Acura is singling out cars registered in states that use these corrosive deicing materials (presumably road salt): Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin and the District of Columbia.
Owners of affected vehicles will be notified by Honda and instructed to bring their cars into the nearest Acura dealership. Dealers will inspect the ECU for damage, replace if needed, and cover with a waterproof piece; all free of charge. Check out the official recall notice below.