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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.

Alonso wants an NSX, but did Honda block him from Le Mans?

One of the biggest changes in store for the 2015 Formula One World Championship will see Fernando Alonso moving back to McLaren. That means he'll be driving under Honda power for the first time, after spending the bulk of his career driving for Renault and Ferrari. And being Honda's new poster child, as the two-time World Champion is fast discovering, has its advantages and its drawbacks. According to the latest reports, Alonso had been negotiating a clause in his contract with McLaren that could have seen him driving a Porsche 919 Hybrid at Le Mans this year, but Honda reportedly stepped in at the last minute and scuttled the plan. The drive would have been Alonso's first in the famous 24-hour race, after having had the honor of waving the flag at La Sarthe last summer. In one of the wilder rumors that emerged during the prolonged silence over his move for this season, the Spaniard was also linked to a potential return for Ferrari to Le Mans. That prospect came to naught, and now the Porsche deal has been wheeled into the garage, as well. The upcoming F1 season is expected to be one of transition, adjustment and development for McLaren and Honda, but the Japanese automaker's involvement in his hiring may not be all bad news for Alonso. Following the reveal of the new Acura NSX, Alonso tweeted "You still don't know, but one day we will be together..." followed by a series of heart-eyed smiley-face emoticons and accompanies by images of Honda's new supercar. The implication is that the two-time World Champion is expecting to get his talented hands on an NSX of his own, and we can certainly see how Honda would appreciate the imagery of Fernando driving around in its flagship. Even if it doesn't, though, we're sure McLaren would be glad to hook him up with a company car of its own – though Lewis Hamilton encountered some trouble securing (a very specific) one for himself. Even discounting the front-running F1 machinery he's been tasked with piloting on track to an impressive 32 career wins, Alonso has had some lustworthy company cars at his disposal over the years. At Renault, he had a Megane RS to drive, and during his last stint at McLaren, he had an SLR 722. But since signing with Ferrari, he's been given the keys to FCA models as varied as a Ferrari FF, a special 599 GTO, a Maserati GranCabrio, a Jeep Grand Cherokee SRT and an Abarth 695... and those are just the ones we know about.

The future of Acura is coming to Detroit

What you're looking at here is a teaser of the Acura Precision Concept – a showcar that will introduce the new design language for the brand. Acura is determined to inject some a larger performance aura into its brand, and for now, it plans to do that with stronger design language. "The Acura Precision Concept will serve as the inspiration for the styling and proportion of the next-generation of Acura vehicles, especially for our sedans," says design director Dave Marek. We like what we see, too. The showcar has a long hood, short rear deck, and very strong character lines down the side. Those are classic rear-wheel-drive proportions, but as we know, that's kind of a long-shot for a new Acura. We'll see the full concept at the Detroit Auto Show in January. Here's hoping it looks awesome. Acura Precision Concept to Debut at 2016 North American International Auto ShowCreated by Acura's U.S. design team, Acura Precision Concept points to performance focus of future Acura design TORRANCE, Calif. (Dec. 18, 2015) – Acura will unveil the Acura Precision Concept at the 2016 North American International Auto Show in Detroit on January 12 at 8:00 am ET, the brand announced today. Created by the Acura Design Studio in California, the Acura Precision Concept will help set the direction for future Acura design; in particular, the next generation of performance-luxury sedans. "The Acura Precision Concept will signal the stronger and sharper focus of Acura styling on our core DNA we call 'precision crafted performance'," said Dave Marek, global creative director for the Acura brand. "It is our intention to more strongly express performance through design and the Acura Precision Concept will serve as the inspiration for the styling and proportion of the next-generation of Acura vehicles, especially for our sedans." Acura today also announced details of its launch plans for the next-generation NSX supercar, coming to market next spring. Acura is on track to post its fourth consecutive year of U.S. sales growth in 2015, and best sales since 2007, with sales up 6.9 percent through November.