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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.

New Civic, FCA UAW Agreement, Frankfurt | Autoblog Minute

FCA reaches a tentative agreement with the UAW, Honda reveals the all new 2016 Civic, and the Frankfurt Motor Show dazzles us again.Senior editor Greg Migliore reports in the Weekly Recap edition of Autoblog Minute Weekly. UAW/Unions Bentley Honda Jaguar Porsche Tesla Autoblog Minute Videos Original Video FCA porsche mission e civic

Recharge Wrap-up: Charging in Iceland, Smart "For" campaign, Honda open sources Smart Home

Iceland's EV charging network is expanding by 200 units. A subsidiary of Northern Lights Energy called EVEN is providing and installing the rapid chargers, which it hopes to have installed by the end of the year. EVEN's Gisli Gislasson says, "We couldn't wait for the government and decided to do our part in this." Iceland's government hopes to have 10 percent of the cars on its road powered by sustainable fuels by 2020. Read more at Iceland Review. Argonne National Laboratory is working to create universal charging for electric vehicles. Through its new Electric Vehicle Interoperability Center, the group is studying ways to standardize charging so any type of electric vehicle in any country can charge at any charging station. Additionally, the research is working on ways to better integrate electric cars to a smart grid, to the point where EVs could even act as part of the grid, charging when they need it and providing electricity during peak hours. Go to Phys.org for more details. Smart has launched its "For" campaign in Europe. The maker of the tiny city cars is reaching out to the public through updated branding, ads through various channels and social media engagement to get people thinking about Smart in fresh ways. The campaign emphasizes the "For" idea, as in "For challenging the status quo," "For loving the city," etc. Also as part of the campaign, Smart will be embarking on a Europe-wide roadshow to 15 different cities, where the public can learn more about the cars – particularly the Fortwo and Forfour models – and even arrange a test drive. Read more in the press release below. Honda is publicly sharing plans associated with its Smart Home project. The project, which goes beyond cars and into the home to look for ways to live efficiently and reduce CO2 emissions, involves sustainable energy and heating and cooling methods, smart lighting, sustainable building materials and waste management, passive design and, of course, vehicle charging. Now, technical details such as architectural plans, mechanical drawings, furniture specs and CAD data will be open-source and publicly available for any interested parties. Check out the Honda Smart Home website to learn more, or to start downloading the plans yourself. "FOR" brand campaign: smart: More than just a car Functionality, innovation and joie de vivre – these are the brand values that make smart so unique. smart sees itself as a future-oriented, visionary brand that stands for a great idea.