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Honda reports $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Honda names first woman, foreigner to its board of directors

General Motors may have made headlines when it recently appointed the industry's first female CEO, but Honda has long lagged woefully behind the times when it comes to the diversity of its top management. In fact, its entire board has until now been composed entirely of Japanese men, with not a foreigner or a woman in sight. But as Reuters reports, that's all changing with the nominations to its latest board.
The slate of new directors named to Honda's board includes one Hideko Kunii, a gender-equality advocate and engineering professor from the Shibaura Institute of Technology. A graduate of the University of Texas at Austin, Kunii spent the bulk of her career at Japanese electronic imaging company Ricoh. Alongside Kunii, Honda has also named Tomoko Mizoguchi to the board as responsible for the company's South American operations, making him the first foreigner to serve on the company's board of directors. (Well, almost: Mizoguchi was born in Brazil, but of Japanese ancestry.)
The appointments follow the recent switch Honda made in its official language policy from Japanese to English, signaling a shift in outlook for a company that has long stuck to traditional Japanese business models. Honda was the first of the major Japanese automakers to begin manufacturing in the United States, and has long relied on hiring local managers to run its regional operations around the world. It has, however, resisted placing foreigners on its board of directors until now, relying instead on senior male managers promoted from within its ranks to serve on its board. This in comparison to Toyota, which has seven foreigners and one woman on its 68-member board of directors, and Nissan, which has fifteen foreigners (including its chief executive) and one woman on its 58-member board.

Honda CEO carless, waiting on Civic Type R

As chief executive of Honda, Takahiro Hachigo could get his hands on anything the automaker produces, or has produced: a new Acura RLX luxury sedan, a luxed-out Odyssey minivan, a top-of-the-line CBR sport bike... even an old NSX supercar. Heck, he could probably even get the skunkworks to cook him up a road-going version of the ten-cylinder HSV-010 that was supposed to be the new NSX but only ever ended up racing in Super GT. So what does he drive? "Unfortunately, I don't have a car now," Hachigo-san revealed to journalists during a roundtable discussion in Tokyo. That situation won't last forever, though: "There is a model I want, which will, as I have told you, be launched this autumn," said Hachigo. "I want to buy the Civic Type R." The Honda chief is referring, of course, to the company's new hot hatch that will be produced in the UK and exported around the world, including back to Japan. It's got a 2.0-liter turbo four pumping out 306 horsepower to send it to 60 in 5.7 seconds, making it one of the fastest and most powerful hatchbacks ever devised. And more than anything else the company makes, that's what Hachigo wants for himself. The news should be welcomed by performance enthusiasts who may have been concerned about the future of Honda's performance models. The company has a slew of them coming out, including the new NSX and Civic Type R, and may even produce another sports car to slot in between. Those, however, were spearheaded under the administration of Hachigo's predecessor, Takanobu Ito. But if Hachigo's stated driving preferences are anything to go by, he's got some high octane pumping through his veins as well. Until the Civic Type R starts arriving in Japan, though, Hachigo's garage will have an empty space in it, filled only by his wife's N-One kei car and his own VTR 250 motorcycle. We're sure his chauffeur has him well taken care of, though, in the back of an RLX or whatever else the company sends to pick up its new chief executive. Related Video: