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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

Five signs Honda cares about enthusiasts, again

It's a great time to be an enthusiast. From high-horsepower Hellcats to the purist BRZ, engaging automobiles are found in nearly every segment of the market. Everyone wants to join the performance parade. Everyone it seemed, but Honda. The company that built some of Formula One's most successful engines, helped launch the tuner market and gave the world a seminal supercar, has watched competitors of all stripes surge by it for the hearts, minds and dollars of enthusiasts. Until now. Honda put the rest of the auto world on notice at the New York Auto Show, revealing a jaw-dropping Civic concept, confirming the Type R will come to the United States and even adding a hatchback to the 2016 Civic line. Throw in the Acura NSX and much-improved ILX for Honda's luxury sibling, and it's undeniable the company is regaining its swagger. Once again, Honda is serious about performance, and here's five reasons why enthusiasts should believe. The Honda Civic Concept Looks Great We're psyched about the Civic concept, which was a surprise reveal earlier this month at the New York Auto Show. Clad in bright neon green, the concept edged out the Lincoln Continental for first place in our Editors' Choice awards at the show. As Editor-in-Chief Sharon Carty put it, "The color hurts so good." Yes, the green is blinding, but you don't have to squint to see the 10th generation of the Civic. Honda's concepts are the real deal, and this is the car (mostly) that will launch this fall. It's attractive, with a long hood, curvaceous sides and a simple but sporty grille. The powertrain lineup will include a 1.5-liter VTEC turbo four-cylinder paired with a six-speed manual, which should be a treat for enthusiasts. With its fresh looks and intriguing mechanicals, the concept previews an everyday driver you can get excited about. Obviously, we are. The Hatchback Returns Yep, the Civic is getting a five-door hatch in the United States. It's been a while. Honda last offered a Civic hatch for a brief time in the mid-2000s, and only as the lower-volume Si model. The new hatch will be produced at Honda's factory in the United Kingdom and imported to the United States. That's a win-win for Honda: it's using excess capacity in the UK to satiate a niche market for US buyers. The annual hatch production is reportedly expected to be 30,000 to 40,000 units, which is a drop in the bucket for the Civic lineup and its massive though declining sales.

Acura announces NSX GT3 Evo22 race car will live on

The Acura NSX may be winding down production in 2022, but it still has some life left on the track. Today, Acura announced that it will introduce a new version of its NSX GT3 race car. It features a slew of improvements that should make the platform more competitive. Called the NSX GT3 Evo22, it builds upon the existing NSX GT3 a car that has won multiple championships in IMSA, SRO and Japan's SuperGT. The Evo22 gets improved intercoolers for the 3.5-liter twin-turbo shared with the road car, allowing it to perform consistently in a wider range of conditions and locations. Underneath, the suspension earns some tweaks in revised spring rates and geometry adjustments. To improve the car for endurance racing, the Evo22 reduces pit time with larger fluid tanks, while a revised wheel system allows for quicker tire changes. An FIA-mandated rain light illuminates the rear. Acura will also offer several air conditioning and headlight options. As with the outgoing NSX GT3, the Evo22 eschews the road car's hybrid and all-wheel-drive systems. Instead, it employs an XTRAC semi-automatic six-speed sequential transmission to send power to the rear wheels. Both the race and road car, however, share the same specs for the engine block, heads, valvetrain, crankshaft, pistons, and dry-sump lubrication system. The motors and chassis are both built at Acura's Performance Manufacturing Center in Ohio, while final assembly for the GT3 takes place in Milan, Italy. While European GT3s are supported from Italy, Honda Performance Division in Southern California will support North American teams. The NSX GT3 is the defending IMSA GTD and SRO GT Manufacturers’ Champion, and has achieved 25 IMSA and SRO class wins since its North American introduction in 2017. Interestingly, Acura says the the NSX GT3 is homologated globally through 2024. So, while new road cars won't be produced after next year, you'll still see them representing the "A" calipers at the track beyond that.