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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.

2020 Acura MDX PMC Edition coming to L.A. Auto Show

The Acura TLX PMC Edition debuted at the New York Auto Show earlier this year, the 2020 Acura MDX PMC Edition takes its turn in Los Angeles on November 20. The MDX PMC, hand-built at the Performance Manufacturing Center like the Acura NSX and TLX before it, will be limited to 330 units. The 300 examples destined for the U.S. and 30 for Canada represent 30 fewer units than the quota for the TLX PMC. That could translate into tighter demand for the MDX PMC, since the standard crossover does about 70 percent more business in the U.S. than the standard sedan. The doted-on MDX PMC follows the formula of combining Valencia Red Pearl paint with the normally-exclusive Advanced and A-Spec packages. Dark contrasts come from the body color grille surrounding gloss-black mesh, black chrome exhaust finishers, gloss-black decorating the roof, antenna, exterior mirrors, window molding, rear license plate garnish, and door handles, and gloss black 20-inch wheels. Inside is found an A-Spec steering wheel backed by metal-finished paddle shifters, black Milano leather seats with Alcantara inserts, red stitching throughout, and an individually numbered plaque identifying the build number. Extra luxury kit includes GPS-linked climate control, climate-controlled front- and second-row seats with second-row captain's chairs, and 10-speaker ELS Studio audio. The engine specs don't change, those being a 3.5-liter V6 with 290 horsepower and 267 pound-feet of torque shifting through a nine-speed automatic. Super-Handling All-Wheel Drive keeps the power in shape. When the automaker laid down a marker for the TLX PMC price, it said to expect something around $50,000, the final figure after destination coming in at $50,945. Acura says to expect the MDX PMC to figure in the "mid-$60,000 range," so don't be surprised at $66K minus some change. 

2014 Acura RDX adds new standard features, starts at $34,520*

Coming off a complete redesign for 2013, the second model year the second-generation Acura RDX has received a few tweaks to its equipment packaging and a slight increase in pricing for 2014. With all models receiving a price hike of $200, the 2014 RDX will now have a base price of $34,520 (*not including $895 for destination).
New for the 2014 RDX, Acura has included even more technology to the standard models, including a push-button starter, rear-view camera and an updated audio system that delivers Pandora Internet radio, SMS text messaging and Active Noise Control. Buyers will still be able to add all-wheel drive and the optional Technology Package. Scroll down for a press release breaking down more features of the 2014 RDX and complete model pricing.