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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).

James Glickenhaus' SCG 003 undisguised in street and track form

For James Glickenhaus buying a factory-made supercar isn't good enough; he wants to develop his own. Following up on the Ferrari Enzo-based P4/5 and later the P4/5 Competition, Glickenhaus' latest project is appropriately called the 003, and he's finally displaying it in road trim. These first undisguised photos of the SCG 003S show off a supercar with a front end reminiscent of a Ferrari Enzo. However, the rear evokes the look of a modern endurance racer with a fin running along the spine. A wing at the back connects it all together, and the massive diffuser should keep things planted too. Development of the 003 has been going for over a year by Scuderia Cameron Glickenhaus, but the company has set quite a challenge for itself to get just right. Glickenhaus wants his latest project to be a true racecar for the street. That idea gets thrown around a lot, but it might be true in this case. In motorsports trim, the SCG 003C (pictured inset) packs a mid-mounted Honda Performance Development twin-turbocharged V6, but the engine sits in a detachable rear subframe. When the time comes for the road, the car converts to the SCG 003S and allegedly swaps in a twin-turbo W12. It makes the vehicle the best of both worlds – at least in theory. SCG reportedly plans to show the 003 at the Geneva Motor Show, so we should get a better look then. Glickenhaus also wants to take the car racing in the 24-hour events at the Nurburgring and Spa later this year.

How new car shortages may impact your buying experience

If you want further proof that the auto industry is bouncing back, look no further than the empty lots and forecourts of your local dealership. According to a story by The Wall Street Journal, continued high demand for mainstream cars is overtaxing automakers' ability to produce enough models. Several dealers interviewed for the story are reporting two-week supplies as opposed to the typical two-month allocations.
With sales expected to hit 1.4 million units when August numbers arrive shortly and incentive spending down to its lowest amount since January, these limited supplies are pushing prices even higher. For example, according to the WSJ, the average price of a Ford Fusion is up past $26,000. Unfortunately, it's difficult for manufacturers to increase production quickly. If it invests in its facilities, as many manufacturers have done, it risks wasting cash if growth suddenly slows. At the same time, the momentum gained over the past several years could be short lived if vehicle supplies continue to dwindle. "Manufacturers are in a precarious situation," notes Karl Brauer, a senior director at Kelley Blue Book.
Low interest rates and a wealth of desirable features are also allowing customers to purchase more expensive vehicles while justifying their higher overall price tags, a situation that is compounding supply shortages. Even now, during the annual end-of-summer clearance season, deals on new vehicles are remarkably difficult to come by. According to the report, the Toyota Corolla is in a self-inflicted state of shortage, as Toyota clears out inventory in anticipation of the new 2014 generation arriving in dealers. Ford's supplies should rebound as Fusion production comes on line at its Flat Rock, Michigan factory. The Chevrolet Impala, Honda Odyssey, Civic, and Accord and Subaru Forester are also facing shortages.