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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

Honda recalling 405K vehicles over airbag issue

Honda is in hot water due to an airbag glitch that is causing it to recall 405,400 vehicles. According to the campaign, the supplemental restraints might fire for no apparent reason. 342,000 of the affected vehicles are 2003 and 2004 Odyssey minivans, which gels with a National Highway Traffic Safety Administration investigation we reported on in June.
Joining the Odyssey in the recall is the Acura MDX, with 63,400 units covered from the 2003 model year. Unlike the van, though, the MDX's recall covers Japan and Australia, in addition to the US and Canada. Both vehicles are suffering from an airbag control unit that is prone to malfunction when exposed to electrical noise, a condition that can cause the airbags to deploy without warning. Although no crashes have been reported in such scenarios, there have been some injuries typical of airbag deployment - abrasions and such.
Honda will be mailing recall notices to owners near the end of October, asking them to bring their vehicles into the dealership for installation of an electrical noise filter. The repair will take about an hour and be free of charge. Scroll down for the official announcement from Honda.

2023 Acura Integra w/ CVT starts just under $32,000

Pricing for the 2023 Acura Integra is out, and it's unsurprisingly a fair bit more expensive than the Civic it's based on. The base model starts at $31,895 including the $1,095 destination charge. The base version comes only with a CVT, as does the next highest A-Spec trim. To get a manual transmission, you'll have to fork over $36,895 for the top A-Spec with Technology. Fortunately, the manual isn't any more expensive than the CVT version. The full pricing breakdown is below. Integra: $31,895 Integra A-Spec: $33,895 Integra A-Spec with Technology Package: $36,895 The base model comes well equipped. Standard features include LED lighting, a sunroof, heated seats with power adjustment on the driver side, an eight-speaker sound system, 10.2-inch instrument display, 7-inch infotainment screen and Apple CarPlay and Android Auto. The standard safety feature list is quite good with adaptive cruise control with lane-keep assist and stop-and-go (the latter on CVT only), blind-spot monitoring and automatic emergency braking. And all Integras come with the same turbocharged 1.5-liter four-cylinder making 200 horsepower and 192 pound-feet of torque. They also have two years of free scheduled maintenance (oil changes, tire rotations and inspections). The A-Spec model mainly adds the sporty A-Spec appearance package, while the A-Spec with Technology Package adds quite a few more features. It includes adaptive suspension with adjustable stiffness, a larger 9-inch infotainment screen, ambient interior lighting, leatherette and faux suede upholstery, power adjustment on both front seats, a 16-speaker sound system, wireless Apple CarPlay and Android Auto, wireless phone charging and more USB ports. And of course that top trim is available with a six-speed manual, which also adds a mechanical limited-slip differential like in the Honda Civic Si. Related Video: 1999 Honda Civic Si | Retro Review