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Honda charged another $363 million over Takata airbags

The Takata airbag recall is growing increasingly expensive for Honda. In the latest hit to the automaker's bottom line, the company is revising the expected costs of its global safety campaigns by an additional 44.8 billion yen ($363 million) after the massive expansion in May. Months ago, Honda announced that it had set aside 50 billion yen ($425 million at the time) to meet the predicted expenses. According to Automotive News, due to the rather arcane laws of accounting, these new costs will actually be applied to the fiscal year that ended on March 31, rather than the current one. Honda's revised earnings will be announced in late June. The company previously reported an operating profit of 651.7 billion yen ($5.3 billion), which was down 13 percent from the previous year. There has been no change to planned dividends for investors. In the US, Honda and Acura have a total of about 6.28 million vehicles in need of a replacement airbag inflator, and the automaker says about two million of those are already repaired. In addition to the Takata campaign, the company has faced other financial setbacks during this calendar year. For example, in early January, it received a $70 million fine from the National Highway Traffic Safety Administration for failing to report 1,729 cases of injuries or deaths over 11 years. As part of a strategy to improve quality globally, Honda cut back its global sales forecasts for the coming year, and it also decided not to make any volume predictions through 2017. To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, 107-8556 Tokyo Takanobu Ito President and Representative Director Notice of Events after the Reporting Period Regarding Product Warranty Expenses Honda Motor Co., Ltd. (the "Company") and its consolidated subsidiaries have been conducting market-based measures in relation to airbag inflators, such as product recalls and a Safety Improvement Campaign. Due to factors arising since May 2015 such as an expansion of the scope of these market-based measures based on an agreement between our supplier and the U.S. National Highway Traffic Safety Administration, a change has arisen in the estimate relating to product warranty expenses. The amount of product warranty expenses now expected to be incurred is 44,800 million yen.

Weekly Recap: Hyundai spins off Genesis as new luxury division

Hyundai is creating a standalone luxury division that will use the Genesis name in an ambitious move that could bring the Korean automaker more profits, sales, and prestige. The Genesis division launches in December in Korea, followed by a rollout in other markets, including the United States in 2016. The brand will have six models by 2020. They will all start with a "G" for Genesis, then have a number, like 70, 80, or 90 to represent their segment, Hyundai said. The vehicles will also get more upscale design to differentiate them from other Hyundais. Luc Donckerwolke, a veteran Volkswagen Group designer who joined Hyundai earlier this year, will oversee a new Prestige Design unit at the company. The current winged Genesis emblem will be restyled and worn by all of the brand's luxury vehicles. Hyundai says its new division will focus on technology, customer service, and will have "refined performance character." The current Genesis sedan offers a 5.0-liter V8 that makes 420 horsepower. Naturally, Hyundai is optimistic for its new Genesis brand, but it will face immediate challenges as it enters a crowded and competitive market with a long list of entrenched competitors. Brands with storied histories like Cadillac and Lincoln have struggled recently, and even top-selling brands Mercedes-Benz, BMW, and Lexus aren't immune to potential troubles. Rumors have persisted that Hyundai harbored luxury ambitions since it first launched the Genesis sedan in 2008. OTHER NEWS & NOTES SEMA shows aftermarket's strength Further evidence of the auto industry's momentum was on display at the SEMA show this week as carmakers and tuners again turned out in full force. The Ford Cobra Jet Mustang, a Chevy Silverado customized by Kid Rock, and a Kia Forte Koup Mud Bogger were among the prominent displays. The show attracts more than 140,000 people per year, including 2,400 exhibitors, who come to buy and sell products. SEMA is a barometer for customization trends in the aftermarket, a key reason automakers attend. "They represent things we are thinking about and want to get some exposure," Mopar boss Pietro Gorlier said. Honda previews next-gen Ridgeline In other SEMA news, Honda previewed the next generation of its Ridgeline pickup at the show with a race-prepped vehicle that will compete in the Score Baja 1000 this year. The hood, side profile, roof, and front fascia offer hints of what the new truck will look like in production trim. Art St.

Honda recalls 2016 Pilot for warning light issue, 35k affected

Honda is recalling 35,406 examples of the 2016 Pilot in the US because the vehicles' warning lamps might not activate immediately. Specifically, the campaign covers two-whee-drive models with build dates between May 4, 2015, and September 8, 2015, and four-wheel drive versions from between May 7, 2015, and September 4, 2015. Due to this issue, if there's a malfunction in aids like the tire pressure monitoring system, anti-lock brakes, or electronic stability control, the corresponding warning light might not immediately illuminate on the instrument panel. When the ignition is turned off and then back on, the alerts do appear. Still, the fault puts the Pilot out of compliance with federal rules. Beginning November 27, the fix will simply be updated instrument cluster software for the affected Pilots. According to documents submitted to the National Highway Traffic Safety Administration (PDF): "As of October 8, 2015, Honda has not received any warranty claims, field reports, injuries or crashes related to this issue." Related Video: RECALL Subject : Improper Software to Module FMVSS 126,135,138 Report Receipt Date: OCT 16, 2015 NHTSA Campaign Number: 15V668000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 35,406 All Products Associated with this Recall Vehicle Make Model Model Year(s) HONDA PILOT 2016 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: Honda (American Honda Motor Co.) is recalling certain model year 2016 Honda Pilot 2WD vehicles manufactured May 4, 2015, to September 8, 2015 and 2016 Pilot 4WD vehicles manufactured May 7, 2015 to September 4, 2015. In the affected vehicles, when one of the safety systems such as tire pressure monitoring, anti-lock braking or electronic stability control malfunctions, there is potential that the instrument panel will not illuminate the corresponding warning light, however the warning lamps will illuminate when the ignition is turned off and then turned back on. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 126, "Electronic stability control systems", number 135, "Light vehicle brake systems" and number 138, "Tire pressure monitoring systems". CONSEQUENCE: If a safety system cannot immediately warn the driver when needed, the driver may be at at increased risk of a crash. REMEDY: Honda will notify owners, and dealers will update the instrument cluster software, free of charge.