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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.

Consumer Reports says Toyota, Ford, Honda and Chevy are big winners in brand perception survey

According to Consumer Reports, the automotive brands that stand out in the minds of car buyers are, in order: Toyota, Ford, Honda and Chevrolet. This news comes after the magazine polled its readers, asking them to take into account vehicle quality, safety, performance, value, fuel economy, design/style, and technology/innovation - which are the factors that car shoppers are most influenced by.
It's important to note that this award is only about perception. In other words, it's perceived quality, not actual quality. "Often, perception can be a trailing indicator, reflecting years of good or bad performance in a category, and it can also be influenced by headlines in the media," said Jeff Bartlett, Consumer Reports deputy automotive editor.
The brand that made the biggest jump in perception amongst Consumer Reports readers is Tesla, which posted an impressive 47-point gain to finish in fifth place. Subaru is also notable for finishing in the top 10, despite being one of the smaller manufacturers doing business in the US. Scroll down below for all the details from Consumer Reports, if you're so inclined.

Honda trademarks 'CDX' nameplate

Less than two weeks ago, we discussed the possibility of an Acura-badged version of the sure-to-be popular Honda HR-V. Now, Acura has gone ahead and registered a new trademark that fits in perfectly with its two other crossovers, the RDX and MDX. Our friends at Auto Guide report the company has reserved the name "CDX" with the US Patent and Trademark Office, with the trademark covering "automobiles and their structural parts." While it's true that these kinds of trademarks are filed regularly, the timing in this case is indicative of something more than simply covering bases. After all, it seems very, very unlikely that we'd have comments from Acura on a premium version of the HR-V on February 5 and a trademark filing for a name that fits the brand's CUV nomenclature less than two weeks later, only for it to not go ahead and build an actual vehicle. Adding to that logic is the simple fact that the compact CUV market, both on the premium and mainstream level, is arguably the hottest in the auto industry right now, and it seems like a virtual guarantee that we'll see an HR-V wearing the Acura CDX name in the not-so-distant future. Should that come to pass, look for the CDX to challenge the near-premium Buick Encore, as well as a potential compact CUV from Infiniti. Featured Gallery 2016 Honda HR-V View 25 Photos News Source: Auto GuideImage Credit: Honda Government/Legal Acura Honda Crossover Economy Cars Luxury trademark honda hr-v