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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 NSX is this year's Pikes Peak pace car

Acura's new NSX is the official pace car for this year's Pikes Peak International Hill Climb. The hybrid supercar will go running up that hill on June 28, leading a group of 140 racers up the 14,110-foot mountain. It'll be driven by Sage Marie, Honda's senior public relations manager (and friend of Autoblog), who competed in the Pikes Peak race in 2013 and 2014. To make the most of the occasion, Acura is installing 24 cameras along the course to capture the pace car's run. But this won't just be for a cool photo gallery. Acura will use the cameras to create a 360-degree video that will be posted to the company's social media channels after the NSX completes its climb. Look for that to drop sometime on the morning of the 28th. The NSX heads up Pikes Peak at 7:40 AM Mountain time (9:40 AM Eastern). We'll have plenty more information about the Pikes Peak Hill Climb throughout the coming days. For now, check out the NSX pace car in the image gallery above, read Acura's official press blast below, and be sure to scroll through the amazing photo galleries from the practice sessions (Day 1 and Day 2) shot by our own Drew Phillips. Related Video: Next-Generation Acura NSX to Serve as Official Pace Car for the 93rd Pikes Peak International Hill Climb Pikes Peak-first 360-degree video to capture NSX run to the top TORRANCE, Calif. (June 25, 2015) – The next-generation Acura NSX supercar will serve as the official pace car in the 93rd running of the Broadmoor Pikes Peak International Hill Climb on June 28. With a custom racing-inspired livery, the twin-turbo charged NSX pace car will lead the field of 140 entrants to the top of the 14,110-foot Colorado mountain. "The Acura NSX is the ultimate performance vehicle, and a novel way to promote its capabilities is the iconic race up Pikes Peak," said Mike Accavitti, senior vice president and general manager of the Acura Division. "As the pace car, the beast that is NSX has yet to be fully let out of its cage, but fans and drivers will get a first glimpse of the unique character, performance and handling it will deliver in this one-of-a-kind racing environment." Powering the NSX through the 12.4-mile, 156-turn course is a bespoke 75-degree twin-turbo V6 engine mated to a 9-speed dual clutch transmission and three motor Sport Hybrid Super Handling All-Wheel Drive (SH-AWD) system, which delivers 'on the rails' cornering capability essential to conquering the demanding mountain course.

Autoblog Minute: VW finds CO2 'irregularities', Takata dropped by automakers, SEMA recap

Volkswagen's diesel emissions scandal gets a new wrinkle, US regulators hit Takata Corporation with a substantial fine, and we head to Las Vegas for a look at tuner paradise at the 2015 SEMA show. Autoblog senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Volkswagen's diesel emissions scandal gets a new wrinkle. US regulators issue a significant fine to Takata Corporation. And we take a peek inside tuner paradise at the 2015 SEMA show. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. The VW diesel emissions scandal, first brought to light in September, gets a new wrinkle, as an internal investigation by the German automaker revealed [00:00:30] irregularities in CO2 emissions that could affect approximately 800,000 vehicles. VW estimates the issue could pose a 2-billion euro economic risk. VW claims that most of the vehicles affected have diesel engines, but industry analysts say a 1.4-liter gas engine is also affected. VW says that fuel consumption figures were set too low during the CO2 certification process. During all of this, sales of some diesel-powered Volkswagen, Audi, and Porsche models [00:01:00] have been halted. Takata Corporation is back in the news in connection with its deadly airbag scandal. Federal regulators fined Takata $70 million. If the parts supplier does not comply, the fine could balloon to $200 million. Takata was also dropped this week by its biggest customer, Honda. And now, Toyota and Mazda will be following Honda's lead in dropping Takata. We're also hearing that Mitsubishi and Subaru are considering a switch in air-bag inflator suppliers. SEMA 2015 [00:01:30] came and went. We saw offerings from Mopar, like the AWD Challenger concept. Honda unveiled a Ridgeline that it will race at the Baja 1000, which gives us a hint at what future production model could look like. The celebrity presence was also felt in Vegas as it always is. Kid Rock brought a Duramax Diesel Chevy Silverado, and Acura restored and presented Ludacris with his now famous 1993 Acura Legend. Those are the highlights from the week that was. Be sure to come back on Saturday for my full recap, [00:02:00] where I'll have some added insight into Hyundai's foray into the luxury sector. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive.