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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: 2/3rds of our vehicles will be plug-in or hydrogen by 2030

Honda has a new and expanded vision for its plug-in electric vehicles, including more plug-in lawn mowers and construction machines. While things like the Miimo are cool, we'll admit that we're more into the heavy emphasis that Honda CEO Takahiro Hachigo just put on pure electric, plug-in hybrid, and fuel cell vehicles. In fact, Hachigo is so confident in these electric options that he said that Honda expects fully two-thirds of its vehicles will fit into one of those three categories by 2030. "We will make a plug-in hybrid type available for our major models" - Takahiro Hachigo Speaking at an annual speech in Japan, Hachigo talked about an electric version of the popular Honda Cub motorcycle, the EV-CUB. This electric two-wheeler could come to Japan in about two year and then to various countries in Southeast Asia. As for four-wheelers, the way that Hachigo sees electrification working is to first emphasize plug-in hybrids as the core of the brand's electrification efforts. Specifically, he said that, "we will make a plug-in hybrid type available for our major models and increase the number of models sequentially." The end result, he said, is that, "we will strive to make two-thirds of our overall unit sales from plug-in hybrid/hybrid vehicles and zero-emissions vehicles such as, FCVs and battery EVs by around 2030." The company's next hydrogen vehicle is the Clarity, which goes on sale in Japan in March. It's next-gen EV and PHEV should arrive in or around 2018. You can watch the speech in the video above. The electrification roadmap starts at around minute 32. The only other traditional automaker that is willing to put a big number on its upcoming electric vehicle sales is Audi, which said at the LA Auto Show last year that between 20 and 25 percent of its new vehicles sold will have a plug by 2025. If Audi wants to catch Honda's aggressive claims, it'll need to work hard in the five years after 2025. Related Video:

Best Large SUVs of 2024

When it comes down to large SUVs, there's more to consider than price and just how large it is. First, it comes down to what's underneath the skin. Some are built on a truck-like body-on-frame chassis — this would be the traditional, literal definition of an "SUV." Others use car-like, unibody construction, which would make them a crossover. What really matters, though, is how you use them. For most American families, a large three-row crossover is going to be your best bet. They have loads of passenger and cargo space, and deliver superior fuel economy, handling and ride quality than those big traditional SUVs. They're cheaper, too. On the other hand, those traditional large SUVs like the Chevy Tahoe and Ford Expedition are better-suited for more heavy-duty tasks like towing. Most now have bigger third rows than big crossovers, while extended-length versions like the Chevy Suburban have way more cargo capacity behind their third rows than everything but an airport shuttle. As for luxury large SUVs, they fall into those same two categories as well, with American choices mostly being truck-based. The pros and cons of choosing one over another are similar. Below, you will find our list of the best large SUVs broken down into three categories: large family crossover, large traditional SUV and large luxury SUVs, which comprise both construction types.  Best Large Family Crossovers  |  Best Large Traditional SUVs  |  Best Large Luxury SUVs Best Large Family Crossovers 2024 Honda Pilot Why it stands out: Exceptional storage and cargo space; unique second-row functionality; refined ride; versatile and capable TrailSport; advanced AWDCould be better: Subpar acceleration with lackadaisical transmission and engine response; so-so driver assistance tech Read our full 2024 Honda Pilot Review The Honda Pilot was completely redesigned for 2023. It maintains its predecessor's family-friendly packaging and overall focus, but it has injected a welcome sense of style (especially in the TrailSport pictured above) that makes it stand out much better from the big crossover crowd. The Pilot's restrained adornment and classic proportions are refreshing compared to the increasingly busy Kia Telluride, Hyundai Palisade and Subaru Ascent. Let's talk about practicality, though, which is ultimately the Pilot's best attribute.