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Honda sees sales up but profit sliding 16 percent in 2017-18

TOKYO - Honda forecasts a 16 percent fall in operating profit for the current financial year as the Japanese automaker sees higher auto sales being offset by a stronger yen and research-and-development costs. Japan's No. 3 automaker said it expects an operating profit of 705 billion yen ($6.34 billion) in the current FY2018, down from 840.7 billion yen posted in the fiscal year just ended, and lower than an average estimate of 850.8 billion yen from 23 analysts polled by Thomson Reuters I/B/E/S. It sees a 14 percent slide in net profit to 530.0 billion yen this year, down from 616.5. Honda's projections are based on a forecast that the yen will average 105 yen to the U.S. dollar through next March, stronger than the 108 yen rate in the year just ended.BUT CAR SALES ARE UP At the same time, there's good news as Honda expects its global vehicle sales to edge up 1 percent to 5.08 million this year, bolstered by growth in Asian sales to 2.06 million units, beating out North America to become Honda's top market as more Chinese drivers flock to its cars. The company expects to sell 1.92 million vehicles in North America, 2.5 percent less than the year just ended as it struggles to sell sedans including the Accord, which have fallen out of fashion in the past few years. Honda has been ramping up production of SUVs to keep up with strong demand for larger models in the United States, although overall vehicle sales show signs of slowing following a boom cycle after the global financial crisis. Mazda is taking a similar strategy, announcing on Friday it would expand production of SUV crossover models at home, while equipping overseas plants to enable more flexible production of models according to market needs. Japan's No. 5 automaker forecast a 19 percent jump in operating profit for the current financial year as it expects higher sales volumes, particularly in North America, to help it recover from last year's profit slump.A CONSERVATIVE OUTLOOK Executive Vice President Seiji Kuraishi acknowledged that Honda's expected currency hit of 95 billion yen was based on a "conservative" yen forecast, adding that growing costs to create next-generation cars would also impact earnings. "Our costs are rising to develop new technologies which will be needed in the future, like automated driving functions and electric cars," he told reporters at a results briefing.

Honda adds 1.39 million more vehicles to Takata recall to fix Civic and Accord

Honda is already recalling millions of vehicles in the US to replace their driver's side Takata airbag inflators, and now the company is adding 1.39 million more to repair that part on the passenger's side, as well. This expansion covers the 2001-2005 Civic and the 2003-2007 Accord with a four-cylinder engine. According to the documentation from the National Highway Traffic Safety Administration, the broadening of this campaign brings the total number of cars from Honda in need of the fix on the passenger's side to 2.3 million. Honda had previously believed that the issue with Takata passenger's side was only a regional problem for high-humidity areas. However, NHTSA determined that the components were in need of a national recall, like their driver's side counterparts. The same problem affects these as the other Takata parts where prolonged exposure to moisture could cause the propellant to ignite too quickly. This can make shrapnel shoot at occupants in an airbag deployment. Up to seven fatalities have been linked globally to this happening. Honda owners affected by the company's latest expansion to its Takata recall will be notified by mail in the next 60 days. Related Video: Statement by American Honda Regarding Nationwide Recall of Certain Takata Passenger Front Airbag Inflators Jun 15, 2015 - TORRANCE, Calif. Nationwide recall of passenger front airbag inflators in 2001-2005 Civic and 2003-2007 Accord will add approximately 1.39 million inflators not previously subject to recall or safety improvement campaign No change to national recall of driver front airbag inflators announced on May 28 Honda today announced that it will initiate a national recall to replace, free of charge, Takata passenger front airbag inflators installed in certain 2001-2005 Civic and 2003-2007 Accord models sold in the United States following a recently announced defect determination by Takata. The recall will add 1.39 million passenger front airbag inflators not previously subject to either a recall or safety improvement campaign. In its preliminary announcement on May 28, Honda stated that it would recall a more limited population of vehicles. That announcement, which was based on the specific regional nature of the defect determination made by Takata, indicated that approximately 350,000 additional passenger front airbag inflators would be added to inflators included in an earlier regional action (14V-700).

Autoblog Minute: 2016 Honda Civic reveal

Honda reveals the 2016 Civic in Detroit proving that the Frankfurt Motor show isn't the only place for automotive news in September. Autoblog's Mylencia Gillenwaters reports on this edition of Autoblog Mintue with Eddie Sabatini reporting. Show full video transcript text [00:00:00] Honda reveals the 2016 Civic in Detroit proving that the Frankfurt Motor show isn't the only place for automotive news in September. I'm Mylencia Gillenwaters and this is your Autoblog Minute. 2016 will mark the 10th generation Honda Civic, an iconic car that dates back to the 1970s. The automaker invited us to a reveal of the interior and exterior for their standard sedan. We sent Autoblog's Eddie Sabatini for a closer look: [Eddie Sabatini Interview] With the base model, Honda is aiming for a fuel economy rating of at least 40 miles per gallon in the 2016 Civic. And coming soon, closer looks at the: Civic coupe - five door hatchback - Si - and Type R. For Autoblog, I'm Mylencia Gillenwaters. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.