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Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world. Tokyo-based Honda said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world. Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch. Quarterly sales slipped to 3.65 trillion yen ($35 billion) from 3.73 trillion yen the same period a year earlier. Honda warned that uncertainty remains amid rising COVID-19 cases. But the company stressed it was managing to cling to profitability. Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen ($3.8 billion) from an earlier projection for 165 billion yen ($1.6 billion). The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019. But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million. Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic. Executive Vice President Seiji Kuraishi told reporters Honda is bullish on shifting its lineup to ecological models to keep up with the global efforts to curb carbon emissions and global warming. Also Friday, Toyota raised its full year fiscal forecasts to a 1.4 trillion yen ($13.5 billion) profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11% in the last quarter. Nissan reports financial results next week. Related Video: Earnings/Financials Acura Honda

Honda insiders push for Acura NSX Type R sans hybrid tech

With 500 horsepower on tap from a sophisticated hybrid powertrain, there's plenty to love about the new Acura NSX. If the more performance-oriented elements within the Japanese automaker get their way, it could get even better. Speaking with one of the NSX project's chief engineers Nick Robinson at the launch of the new supercar, Autocar reports that there's an effort underway to develop an NSX Type R. Following a much-loved formula, the more extreme variant would pack even more power than the existing version, unburdened by excess weight. A big part of the targeted weight savings would come from ditching some of the heavier components from the hybrid system. The electric motor at the rear could stay to serve as alternator, starter motor, and flywheel. But the electric motors at the front would go, helping to shed a few hundred pounds. Throw in some lightweight materials and we'd be looking at a considerable weight reduction. It could even integrate some active aerodynamic elements that were excluded from the NSX on the road to production. Though the project may still be a ways off from getting the green light, but Robinson and some of his colleagues are working on prototypes ostensibly to make the case. He and his brother James (a powertrain engineer at Honda) will be driving a pair of NSXs at Pikes Peak this year – one that's as close to showroom stock as the regulations will allow, but the other will be closer to what they have in mind for a Type R. It'll ditch the hybrid system and put an electric compressor in its place to eliminate any turbo lag and produce even more power than the existing model. Now if they can only get the go-ahead from the higher-ups at Honda. Related Video: Featured Gallery 2014 Honda NSX Concept-GT News Source: Autocar Green Acura Honda Coupe Hybrid Performance Supercars honda nsx acura nsx type r

Honda's U.S. Plants Build Ten Million Accords, 20 Million Total Vehicles

The ten millionth American-built Honda Accord rolled off the assembly line Friday at the Japanese automaker's plant in Marysville, Ohio, according to Autoblog. Honda is celebrating not only the Accord, which is the seventh best selling nameplate of all time, but also an accumulative 20 million Hondas built in the U.S. since the company first started manufacturing at Marysville in November 1982. Honda was the first Japanese automaker to gamble on American manufacturing. Now, 94 percent of all Hondas sold in the U.S are American-built. They are made in facilities in Ohio, Alabama and Indiana. Honda's U.S. plants manufactured 1.3 million vehicles last year - a company record. Honda currently builds the best-selling Civic and Accord, as well as the Crosstour, CR-V, Pilot, Odyssey and Ridgeline in the U.S. Acura, Honda's luxury brand, also builds cars at the American plants, including the ILX, TL, RDX and MDX. Related Gallery History's 10 best-selling cars of all time View 11 Photos By the Numbers Honda