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Honda invests $470 million for new transmission plant in Mexico

Honda has announced that it has made an initial investment of $470 million to build a brand new transmission plant in Ceyala, Mexico. For those keeping track, this is the same city that will also house Honda's new automobile manufacturing facility, which will begin production of the Fit compact beginning in the spring of 2014.
This new transmission plant is expected to come online in the second half of 2015, with an annual production capacity of 350,000 units, though that number is expected to double in the years following the plant's opening. With a 700,000-unit production capacity, Honda says a full 1,500 new associates will be hired at the Mexican plant.
Honda will specifically use this new transmission plant for the production of CVTs for automobiles built in Mexico, as well as for cars produced in facilities around the world. It stands to reason, then, that since the next-generation Honda Fit will be built right around the corner from these new CVTs, the small hatchback - which is expected to grow into a full family of vehicles - could be fitted with continuously variable units in the future.

Honda reports $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Honda Gear concept explored at Montreal Auto Show

Our friends at Autoblog Canada have just come away with a closer look at Honda's surprise Gear Concept at the Montreal Auto Show. The little three-door hatchback is arguably the automaker's first real shot at the North American city car market (the Gear is much smaller than the Fit) and may be an indication that Honda is getting serious about going after Scion on this side of the world after the CR-Z hybrid failed to deliver. Honda says the Gear Concept takes its inspiration from the fixed-gear bicycle scene, and should allow buyers an unprecedented level of customization. Designers also wanted to show that a car can be both fun and practical.
We're all for a compact stylish three door with functional room inside, but given Honda's propensity for draining the personality from its concepts on the way to production (at least the ones that don't look showroom ready), we don't hold much hope for the Gear. You can check out the full press release below for more information.