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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.

Acura recalls 106K MDX models for AC system bolt

The National Highway Traffic Safety Administration is announcing a recall covering the air conditioning system on 106,439 units of the 2014-2015 Acura MDX. The affected examples have production dates between April 23, 2013, and December 16, 2014. While the problem doesn't create a major safety concern, it could be very annoying when driving during the intense heat of the summer months. On these luxury crossovers, the bolts on the air conditioning compressor clutch drive might not have the proper anti-corrosion coating. This makes it more likely for them to eventually break, and if that happens the AC pulley could fall off the CUVs. Acura reports no injuries or crashes form the issue, and the company discovered the issue through warranty claims for the air conditioning not working. To repair the problem, dealers will replace the bolts. They'll also inspect the AC clutch plate and will replace it if necessary, as well. The repairs for some owners should already be in progress, according to NHTSA. Related Video: RECALL Subject : A/C Compressor Clutch Drive Bolts may Corrode Report Receipt Date: JUL 01, 2015 NHTSA Campaign Number: 15V417000 Component(s): EQUIPMENT Potential Number of Units Affected: 106,439 All Products Associated with this Recall Vehicle Make Model Model Year(s) ACURA MDX 2014-2015 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: Honda (American Honda Motor Co.) is recalling certain model year 2014-2015 Acura MDX and MDX AWD vehicles manufactured April 23,2013, to December 16, 2014. The affected vehicles have air conditioning compressor clutch drive bolts that may not have received the proper anti-corrosion coating. CONSEQUENCE: If a bolt was not coated, it may corrode and break as a result. If the bolt breaks, the compressor clutch plate may separate from the vehicle, possibly becoming a road hazard. REMEDY: Honda will notify owners, and dealers will replace the air conditioning compressor clutch drive bolt and install a new clutch plate if necessary, free of charge. The recall is expected to begin July 31, 2015. Owners may contact Acura client relations at 1-800-382-2238. Honda's number for this recall is JQ7. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Statement by Acura Regarding Air Conditioner Clutch Drive Bolt Recall: 2014-2015 Acura MDX Jun 25, 2015 - TORRANCE, Calif.

Acura launches ad spots for Seinfeld's Comedians in Cars Getting Coffee

Acura and Jerry Seinfeld are expanding their partnership as season three of the comedian's web series, Comedians in Cars Getting Coffee, prepares to debut. Seinfeld has paired with director Barry Sonnenfeld to create a series of ads for the luxury brand showcasing the new Acura RLX and MDX.
There are eight spots, written by Seinfeld and directed by Sonnenfeld, that seemingly mock advertisements of the 1960s, with a deep-voiced, smooth-talking host highlighting the cars in question. It's all very folksy, Leave it to Beaver style humor. We'd be lying, though, if we said we weren't reminded a bit too forcefully of Dodge's successful range of Will Ferrell ads when watching the eight Acura spots.
"My idea for Comedians In Cars Getting Coffee was to show this certain aspect of the stand-up comedy world in a way that comedy fans would enjoy experiencing as if they were there," said Seinfeld. "There is absolutely no doubt that without Acura's support I would not have been able to continue beyond the initial experiment. And now Acura has enabled me to extend the concept by creating ads that fit the comedy tone of the show."