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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

Recharge Wrap-up: Volkswagen Sustainability Council meets, Zee.Aero flying car spotted?

The Volkswagen Sustainability Council held its inaugural meeting in Berlin. Made up of nine international experts, the council will advise VW and take action on its own as it sees fit. In the meeting, the council decided that in 2017 it will focus on tackling CO2 emissions, planning for post-2025 regulations, and assisting the automaker's "transformation from car manufacturer to mobility services provider," as VW Chairman Matthias Muller puts it. Volkswagen has approved 20 million euros (about $21.75 million) in funding for Sustainability Council projects for its first two years. "We are fully aware of the large transformation that lays ahead Volkswagen Group," says George Kell, Sustainability Council Chair and Founding Director of UN Global Compact. "We were invited to be part of this journey and are very much looking forward on being actively involved in the development of this journey." Read more at Green Car Congress, or from Volkswagen. Honda plans to ramp up its share of hybrids sold in the US. In response to increasingly strict emissions standards, the company wants electrified vehicles (including hybrid, plug-in hybrid, battery electric, and fuel cell vehicles) to make up two-thirds of Honda and Acura sales in US by 2030. Some analysts are skeptical, though. Christopher Richter of CLSA Asia-Pacific Markets says that dealers are telling Honda they don't want hybrids. "Unless there's a change in what dealers want, I don't think they are going to get there that fast," Richter says. Read more at Automotive News. Witnesses report spotting what could possibly be the Zee.Aero electric aircraft at Hollister Airport in California. Zee.Aero, a startup funded by Google cofounder Larry Page, has a hangar at that airport, where a photo was taken of the aircraft in question. The craft is said to be capable of vertical takeoff and landing and can fit in a one-car garage, earning it the "flying car" moniker. Eyewitness Saul Gomez described the aircraft as "quiet" and "hovering 20, 25 feet off the ground." Read more at Electrek, and watch the interview at Mercury News. Related Gallery 2017 Honda Accord Hybrid: First Drive View 26 Photos News Source: Green Car Congress, Volkswagen, Automotive News, Electrek, Mercury NewsImage Credit: Copyright 2016 Sebastian Blanco / AOL Auto News Green Acura Honda Volkswagen Green Automakers Electric Hybrid recharge wrapup

Honda Civic Hatchback Luggage Test: How it compares with sedan and Integra

Well, we have a first here at Autoblog Luggage Test HQ: the first time I've done the next-generation of a make/model that's already been luggage tested. I know, right, very exciting. So, for the first time, I'll be able to report how a vehicle compares with its immediate predecessor. As this is the Honda Civic hatchback, I can also show you how it compares with the Honda Civic sedan and the mechanically related Acura Integra. So. Many. Comparisons! In short, the Civic is a definitive example of why you can't really compare the cargo volume figures of a sedan and a hatchback (or wagon, SUV or other hatchbacked vehicle). The specs say the hatchback has 24.8 cubic-feet of space whereas the Civic sedan has 14.8, yet as I'm about to show you, the sedan actually has more space for holding bags or whatever. This is already a phenomena I covered with the Integra and its 24.3-cubic-foot trunk. Apparently, that half a cube makes a difference as it was indeed easier to load bags into the Civic hatch.  Top Civic hatchback, bottom left Civic sedan, bottom right Integra Some key observations here with this trio. The Civic sedan is 4 inches longer than the Civic hatchback, almost all of which is behind the rear axle. This lends its trunk greater length than the hatchback, which is more useful for stuffing in luggage. The Civic hatchback (and Integra) have more height, which balloons the cubic-foot number, but doesn't really provide much help in this test since I don't pack to the roof for safety, visibility and consistency reasons. If you lower the back seats, it's a whole different ballgame, but I'll get to that later. Now, to the bags. As in every luggage test I do, I use two midsize roller suitcases that would need to be checked in at the airport (26 inches long, 16 wide, 11 deep), two roll-aboard suitcases that just barely fit in the overhead (24L x 15W x 10D), and one smaller roll-aboard that fits easily (23L x 15W x 10D). I also include my wife's fancy overnight bag just to spruce things up a bit (21L x 12W x 12D). You can really see the difference in trunk length here. In the sedan (above right), you can fit the small roller bag behind the four biggest bags lined up. Definitely can't do that in the hatchback above left. In short, all the bags fit in all the cars (with some asterisks). It was a much easier fit in the sedan, though, and you can see that there's some extra space on either side of the egg-crusher hinges.