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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 to ax Civic Hybrid, CNG models

Honda will kill off the Civic Hybrid and Civic Natural Gas models at the end of the 2015 model year as part of a massive product overhaul, a top executive said Monday in Detroit. The moves come in response to consumer preferences as the Japanese automaker prepares to launch the 10th generation of the Civic later this year, said John Mendel, executive vice president, American Honda Motor Co. "These moves will allow greater focus on Civic's sporty new driving character," Mendel said. Honda revealed the close-to-production Civic concept this spring at the New York auto show and confirmed it will include Si and Type R variants. The powertrain lineup will feature a new turbocharged inline four-cylinder engine, a short-throw six-speed manual, and a continuously variable transmission. The Type-R is expected in 2017, Mendel said. Though the new car marks a return to more athletic Civics, some versions will still get more than 40 miles per gallon in highway driving. The changes come as Honda pivots toward an expanded fuel-cell strategy with a new model set to launch in 2016. "We're creating the strongest and most balanced vehicle lineup in our history," he said. In addition to tweaking the Civic line, Honda has discontinued the plug-in hybrid Accord to focus on the updated Accord Hybrid, which launches in early 2016. Eventually, the plug-in Accord will be replaced by a new plug-in model in 2018, Mendel said. The changes come as Honda pivots toward an expanded fuel-cell strategy with a new model set to launch in 2016. The automaker has spent $14 million with California company FirstElement Fuel to set up 12 hydrogen filling stations. The new Civic is part of an influx of new products set for 2015-2016. The next-gen Ridgeline will arrive in 2016 with a more traditional truck design, Mendel said, admitting the styling of the current generation was divisive. "Design was polarizing," he said. "No one wants to have to explain why they bought what they bought." The next-generation Odyssey will also launch after the Ridgeline in 2016, Mendel said. He was also asked about a 'baby NSX' sports car by a reporter in the wake of trademark drawings that leaked last week, though he declined to elaborate. "No I can't tell you anything about the baby NSX," he said. "I mean I could, but I'd probably be fired." In other news, Mendel said Honda continues to work with airbag supplier Takata as it grapples with the massive recall and increased attention from the NHTSA.

Honda sets record for lowest fuel consumption in Europe

If fuel economy over a long distance is of paramount importance, diesel continues to be a fantastic choice of fuel. Honda is the latest company to show that by earning a Guinness World Record for the lowest consumption in a car across the 24 contiguous countries of the European Union. The company's Civic Tourer wagon with a 1.6-liter i-DTEC diesel managed the equivalent of 83.5 miles per gallon over 8,387 miles. The 25-day journey was undertaken by Fergal McGrath and Julian Warren – members of Honda's European research and development team. They started from Belgium on June 1 and returned there on June 25 having driven around 7.5 hours each day. Over nearly a month of driving, their wagon only needed its tank filled nine times, and it averaged 932 miles between visits to the diesel pump. The Civic's results are impressive no matter how you look at it. The wagon handily beat the model's stated fuel economy of 61.9 mpg. The crew also beat the recent US record of 81.17 mpg over 8,233.5 miles in a Golf TDI for the best non-hybrid mileage across the 48 contiguous states. Guinness required that the Civic be unmodified from the standard car, and the same two drivers had to pilot it the whole way. The economy was certified via several redundant pieces of evidence, including a logbook, GPS, video, and photographs. McGrath and Warren credited their success to good route planning and smooth driving. Honda sets new GUINNESS WORLD RECORDS™ title for fuel efficiency, averaging 2.82 liters per 100km (100.31mpg) in 13,498km (8,387 mile) drive across 24 EU countries July 7, 2015 - Honda has set a new GUINNESS WORLD RECORDS title for 'Lowest fuel consumption – all 24 contiguous EU countries (all cars),' recording an average 2.82 liters per 100km (100.31mpg) over 13,498km (8,387 miles), in a 25 day drive across all 24 EU contiguous countries. Behind the wheel of a Honda Civic Tourer 1.6 i-DTEC for the entire journey were two members of Honda's European Research & Development (R&D) team, Fergal McGrath and Julian Warren, who took on the challenge to further demonstrate the impressive real-world fuel economy of the Tourer. The remarkable distance travelled is similar to the team driving to Australia from their home in the UK, stopping just nine times to refuel. The car achieved an incredible average 1500km (932 miles) on each tank of fuel, at a total fuel cost for the whole journey of just 645 Euros* (GBP459).