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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

Wolff: Honda will emerge as strong F1 force

Mercedes motorsport boss Toto Wolff has no doubts that Honda will make a success of its Formula 1 return, despite the Japanese manufacturer's disappointing time last year. Honda endured a troubled return to F1 in 2015 as it struggled with reliability and a lack of power from its new turbo V6 hybrid engine. But having made gains over the campaign, and a significant revamp of key elements of its power unit over the winter, Wolff thinks that Honda is on course to deliver. "Honda is a huge organization with lots of resource, and they were the power unit with the most impressive development curve through 2015," Wolff said in an interview with his Mercedes team's YouTube channel. "Even if it was a very difficult year for them, it was still very good what they achieved in terms of how they progressed through the season. I have no doubt they will be a strong competitive in the future." Wolff's comments come despite Mercedes engine chief Andy Cowell saying last week that he was not convinced that Honda's 'size zero' concept was the right approach for the current regulations. Manor step As well as predicting good things for Honda in the future, Wolff has predicted promising results for the Mercedes-powered Manor team in 2016. "Manor will make a big step up and not only because of the engine," said Wolff, who helped secure a drive at the Banbury-based team for Mercedes junior driver Pascal Wehrlein. "There is a good bunch of people coming together: impressive individuals, with the right budget and right attitude, and Pascal in the car. "I have confidence that the car and driver will have highlights and be a solid midfield runner." This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video. Related Video:

2025 Honda Civic Hybrid confirmed along with new small Acura crossover

Honda made several announcements Thursday regarding both its core band and its premium subsidiary, Acura, giving us a taste of what to expect from both brands in 2024. The biggest news is that Acura will add a new small crossover to the lineup, slotted alongside the Integra sedan. We can also expect updates to the Honda Civic — most notably among them the introduction of a 2025 Honda Civic Hybrid model for the new sedan and hatchback — and less significant updates here and there throughout both lineups.  We know little about this new baby Acura crossover apart from what it isn't, and that's a direct import of the CDX sold overseas. Scratch that notion from your mind entirely. Honda wouldn't comment further, but we suspect the small CUV's fundamental architecture will be shared with the Honda HR-V, though we wouldn't be surprised to see it benefit from a powertrain upgrade. This is not to be confused with the Acura ZDX, which is the all-electric crossover due to arrive just about any day now . The ZDX is larger and shares its underpinnings not with anything of Honda's, but rather GM's Ultium platform. Elsewhere at Acura, we can expect a thorough interior and exterior update of the MDX and "upgrades" to the RDX.  Over at Honda, the long-expected Civic Hybrid is now officially go. It will launch this year as both a sedan and hatchback alongside a broader update that will include new styling elements (teased above) and interior upgrades; expect more closer to launch. Honda said the Odyssey will receive updates for the model year too, but did not elaborate on what to expect from the effort. We expect more on that later in 2024.  Related video: