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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

Acura MDX teaser photos show an upscale interior

After teasing us with an exterior image of the fourth-generation Acura MDX a week ago, Acura has now followed up with images of the interior. The exterior teaser was done up in "Tron" style, but these interior shots go beyond outlines to reveal some details that are much less obscured. Acura promises the MDX will be the "most premium and performance-focused" version of the SUV yet and has earned "elevated status" as the brand's flagship. (Only about 1,000 of the RLX were sold in North America last year, vs. 52,000 of the MDX, so it seems the big sedan got demoted as flagship. Aw.) The MDX's instrument panel is lower and wider, Acura says, and the interior is trimmed out in real open-pore wood. The leather dash is "hand-wrapped" with French seams. All three rows of seating surfaces are quilted, with perforations done in a gradated design, and there is contrasting piping and stitching. Massaging front seats add to the premium experience. Acura promises a variety of new technologies in the cabin, including what it calls the Acura Precision Cockpit, along with a mighty wide-looking HD infotainment screen and Acura's dynamic ELS Studio 3D sound system with 25 speakers. (Where do they put them all?) After Acura did great things with the RDX and the new 2021 TLX, we expect the MDX redesign will follow suit in reinvigorating the brand. The MDX will likely offer the same engines as in the TLX: a 272-horsepower turbocharged 2.0-liter four-cylinder as the base engine, and a 355-horsepower turbocharged 3.0-liter V6 engine as an option. But we should know more about all of the above when the prototype Acura MDX — albeit a very-near-production prototype — will be revealed next Wednesday, Oct. 14.  Related Video:

Acura organizes new business division to confront falling sedan sales

Honda and Acura North America have announced a major restructuring of operations in hopes of turning around Acura's flagging business. For 2013, sales for Acura's sedans dropped 10.4 percent, while its CUV sales grew by 21 percent. The newly formed Acura Business Planning Office will attempt to right the ship.
As part of the restructuring, Acura is promoting Erik Berkman from President of Honda R&D Americas to lead a new division called the Acura Business Planning Office. Berkman has been with Honda since 1982 and led development of the 2006 Accord. He was also the first US engineer to head North American research and development and has been head of Honda Performance Development since 2008. "Erik's appointment to the new Acura Business Planning Office is a clear indication of the high priority we place on Acura," said Honda spokesperson Jeffrey Smith to Automotive News.
American Honda Motor President and CEO Tetsuo Iwamura is also going to be working to improve the business. He has been elected chairman of American Honda's board, and has simultaneously taken the new position of Corporate Brand Officer to improve the management of the company's brands.