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Honda reports $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

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

There will be a third-generation NSX, says Acura V.P.

The second-generation Acura NSX might be going out in a blaze of glory, but it won't be the last we see of the supercar. This promise comes directly from Acura Vice President and Brand Officer Jon Ikeda. Furthermore, Ikeda implied that the next version might be electric. Ikeda divulged thoughts about a third-gen NSX while being interviewed by The Drive and Motor Trend. To the former, he explained Acura's mission with the the mid-engined supercar. "We make an NSX when there's something we want to say. The first-gen was gas. Second-gen was a hybrid. There's gonna be another one." Unless Ikeda is talking about hydrogen or some kind of heretofore undisclosed technology like  Mr. Fusion, this pretty much means electric. That means the NSX is likely to take another hiatus after the Type S closes out the 2022 model year. Between the first and second generations, the halo sports car had an 11-year absence on the market. Ikeda laid out the reasons for the nameplate's 2016 return when he spoke to Motor Trend. "Honda is one of the biggest gasoline engine makers in the world and needed to see what will happen in a world turning away from engines," he explained. It was always meant to be a halo car. "We didn't go into it to make a lot of money," he stated. The second generation had a much shorter lifespan than the game-changing first gen. That one spanned one and a half decades, from 1990 to 2005. The current generation, once it exits stage left in 2022, will have only had a six-year run. One could argue that the first gen overstayed its welcome, though. After thoroughly turning the supercar world on its ear, by forcing Ferrari et al to reconsider their engineering, the NSX's competitors quickly caught up to Honda's lead. While the NSX did undergo a couple of major changes during its first lifespan, by the time it left the market it was more of a dwindle. Acura is determined not to let that happen with the current NSX. In this case, they're sending it off with the most powerful iteration yet, a 600-horsepower Type S with reworked turbos, cooling system and aerodynamics and limiting production to 350 worldwide. Ikeda told Motor Trend, "We didn't want to let the NSX die on the vine either. To go quietly into the night is not what it deserves."