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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.

2016 Acura NSX: Everything there is to know [w/video]

The road to supercar stardom is littered with missteps. For every slam-dunk like the McLaren F1 and Ferrari F40, there are contenders that never quite reach their full potential – think Mercedes-Benz SLR McLaren and Jaguar XJ220. Fear of building a mediocre halo car is why automakers take costly detours like reverse-engineering a carbon fiber chassis when aluminum just won't do (we're looking at you, Lexus LFA), and it's often those second, third, and even fourth major redirects that can make the difference between has-been and hero. History has been kind to the late, great Acura NSX. Though its final years saw it lagging in power, ballooning in price and burdened by unsightly bubble headlamps, the NSX went to pasture in 2005 with a reputation for being an innovative, driver-focused ride that also happened to be practical enough for daily use. Despite its lofty aspirations and attainable price point, fifteen years of production saw just under 9,000 NSXs on the road, which begs the inevitable question: was Acura's mid-engine top dog too tame to be great, yet too ubiquitous to be exotic? Considering how the NSX redux has been worked (and re-worked as a stillborn front-engine V10 GT, only to return to a mid-engine layout), it's safe to say Acura is intent on securing supercar greatness. While the essential spirit of the original NSX program targeted the "New Sports Experimental" idea, Large Project Leader Ted Klaus says that Shigeru Uehara, the man responsible for the original NSX (and Honda S2000, among others) advised the US-based development team that they ought to be "... open-minded to doing things for the emotional benefit of the customer," and not come from a place that was "hyper rational." In other words, build a car that makes the heart skip a beat. View 8 Photos As such, the next-generation NSX has departed from the 2013 concept and assumed a more emotional, expressive design language that hides a more engineering-intensive drivetrain. Gone is the naturally aspirated, transverse-mounted V6, replaced with a longitudinally mounted, turbocharged, dry-sump V6 that produces "north of 550 horsepower," according to Acura brass. As before, the internal combustion mill works with three electric motors to deliver power to all four wheels. Super Handling All-Wheel Drive, indeed – or, as Acura refers to it in this application, Sport Hybrid Super Handling All-Wheel Drive. Why the shift?

Honda recalling 405K vehicles over airbag issue

Honda is in hot water due to an airbag glitch that is causing it to recall 405,400 vehicles. According to the campaign, the supplemental restraints might fire for no apparent reason. 342,000 of the affected vehicles are 2003 and 2004 Odyssey minivans, which gels with a National Highway Traffic Safety Administration investigation we reported on in June.
Joining the Odyssey in the recall is the Acura MDX, with 63,400 units covered from the 2003 model year. Unlike the van, though, the MDX's recall covers Japan and Australia, in addition to the US and Canada. Both vehicles are suffering from an airbag control unit that is prone to malfunction when exposed to electrical noise, a condition that can cause the airbags to deploy without warning. Although no crashes have been reported in such scenarios, there have been some injuries typical of airbag deployment - abrasions and such.
Honda will be mailing recall notices to owners near the end of October, asking them to bring their vehicles into the dealership for installation of an electrical noise filter. The repair will take about an hour and be free of charge. Scroll down for the official announcement from Honda.