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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

2024 Acura Integra Type S is official, looks like a luxurious Civic Type R

Rumors have flown about an Acura Integra Type S since the Integra Prototype was revealed last year, and today, Acura confirms those rumors. The Integra Type S is real. It’s under development, and itÂ’s coming in summer 2023. Photos of a camouflaged test car are what we get for visuals right now, and it looks decidedly more aggressive than a regular Integra. The front end is completely different. Camo is hiding a hood bulge of sorts. On the side, much wider fenders play host to massive tires. Visually, it looks like itÂ’s rocking the same size wheel and tire setup as the new Civic Type R with its big 265-section-width tires. In the rear, the Type R wing is replaced by a subtle lip spoiler. Plus, the Integra gets an entirely different rear bumper with some diffuser vanes on either side. Framed by this lower valence is a tri-tip center-exit exhaust. YouÂ’ll notice that all three tips are the same size, unlike the Type R that has two smaller tips and one extra-large one. This suggests the Type S will get a unique exhaust system, similar to how the regular Integra has a unique exhaust versus the Civic Si. Details from Acura are thin, but suggest the Integra Type S will essentially be a Civic Type R thatÂ’s been given a dose of luxury in a new body. ItÂ’ll be powered by a 2.0-liter turbocharged four-cylinder that makes “over 300 horsepower.” This is surely the Type RÂ’s engine. A six-speed manual transmission is the exclusive shifting option, and just like the Type R, the Integra Type S is fitted with a limited-slip differential. Acura says it will provide “ultimate street performance and driver engagement.”  More details beyond the above will have to wait until a later date. Acura says the Type S is coming for the 2024 model year and set to go on sale in the summer of 2023. Related video:

Check out Honda's sweet stop-motion 'Power of Dreams' ad

Television advertising doesn't just have to be the necessary evil that pays for the shows that you want to watch, and Honda is absolutely proving that with a new two-minute commercial titled Paper. Using stop-motion animation and a heap of illustrated cutouts, the spot showcases what the Power of Dreams motto really means. It runs through highlights like the success in racing, automotive development, Asimo, the HondaJet, and even lawnmowers. The result of all that hard work is spellbinding. The entire two-minute spot already aired during a few NFL games, and doing that was a serious investment. According to Ad Age, during the time that the ad ran the estimated cost per 30 seconds was $300,887. Honda is also prepping a minute-long version for TV, but you can enjoy the whole thing right now in the video, above. HONDA BRINGS 'THE POWER OF DREAMS' TO LIFE WITH TWO-MINUTE COMMERCIAL CREATED BY STOP-MOTION ARTIST AND INFLUENCER PES Elaborate Paper-Flipping Technique Artfully Tells the History of Honda Honda Brand Marketing Tone — Simple, Clever and Emotional — Will Carry Through Across Upcoming Advertising to Help Build a Long-Term Emotional Connection with Consumers Sep 21, 2015 - TORRANCE, Calif. -- Capitalizing on Honda's established, strong brand identity and its core belief in "The Power of Dreams," the company is launching a two-minute commercial, "Paper," during CBS Sunday NFL on Sunday, Sept. 20. After months in the making, thousands of hand-drawn and -colored illustrations from multiple artists provide the platform for an intricate paper-flipping journey to beautifully show Honda's history and range of mobility products. "The goal is for the marketing itself to become a demonstration of Honda thinking and all the people that touch our wide range of products along the way," said Tom Peyton, Assistant Vice President of Marketing for American Honda Motor Co., Inc. "This commercial stands for the courage and conviction to imagine and make dreams a reality and speaks to Honda's innovative nature and respect for personal achievement and contributions." "The Power of Dreams" philosophy speaks to Honda's belief that drives the company's R&D and diverse array of advanced-technology products, and to the determination to bring them to market. This rejuvenated approach to overall brand marketing is the sum of Honda's best thinking and could only come from the company's years of design and innovation.