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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

Mid-engine Honda sports car surfaces in EU patent drawings

Based on new patent drawings, Honda clearly isn't done with sports cars. The design you see above was registered and published by the European Union Intellectual Property Office (EUIPO) and was first reported by AutoGuide. The drawings show a rakish, angular sports car design that is very clearly mid-engine. It could almost pass for a Lamborghini. But the name on the design is Honda Motor Company, and aside from the name, it bares a strikingly similar appearance to a mid-engine design found in a Honda patent two years ago. In fact, the only major difference between this car and the older one (seen below) is the lack of a windshield and top. The shape of the lights and the grille, as well as the front fender vent and character lines running from it, are reminiscent of the S660 kei roadster for Japan. The large, angular intakes look more related to the Acura NSX, though. View 6 Photos Unlike the previous patent renderings of the car, this one has an interior, and the inclusion of it may be why the top and windshield are absent. The interior also leads us to believe that this design is for an upcoming concept. The steering wheel is a small, rectangular piece similar to what you would find in an F1 car or Indy car. The seats also look like thin buckets designed to be as sporty and light as possible. A production version would probably have a bit more cushioning and a round wheel. It does look like there is a pushbutton transmission setup in the center console like current Acuras, though. So what does this mean? Honda is clearly still working on this design, and based on some of the more radical design choices for the interior, we're likely looking at a concept car that will show up in the next couple of years. Whether a concept will lead to a production car is tough to say. There's definitely room in Honda's global sports car roster between the S660 and NSX for something in between, and Honda has reported that it's getting pressure from dealers for sporty cars. The exterior design isn't so extreme it couldn't be tweaked for production, either. There have also been rumors that Honda is preparing a mid-engine hybrid sports car with the Type R's turbocharged four-cylinder. Honda also holds a trademark for the name "ZSX," which fits the naming scheme of the NSX and old RSX, but at least in Europe, Honda has held the trademark since 2009. We'll just have to wait and see what Honda does.

FIA levels F1 playing field for Honda

Formula One may place a high emphasis on technical innovation, but it also demands an equal playing field. So after the FIA regulations handed Mercedes a technical advantage for next season, a loophole was opened up to allow Ferrari and Renault to update their engines throughout the year. That left engine-supplier-to-be Honda in the dust, but now the motorsport governing body has awarded the Japanese automaker the same courtesy. As is often the case, the issue revolves around the specific wording of the regulations. Ferrari and Renault successfully argued that, contrary to its spirit, the letter of the law (or regulations, in any event) didn't actually specify when existing engine suppliers had to complete their revisions for the upcoming championship. The thing is that the rules were more clear when it came to new suppliers, so Honda was told that it would have to complete its design before the start of the season – unlike Ferrari, Renault and Mercedes, which would be allowed to continue development (albeit on a limited basis) throughout the year. Recognizing the inherent injustice of the resulting regulations, the FIA has consented to Honda's request that it be afforded the same opportunities as its rivals. The Japanese manufacturer, which returns to the paddock this season with McLaren, will therefore be allowed to make adjustments to its engines as its first season back on the grid progresses, just like the other engine suppliers. News Source: AutosportImage Credit: McLaren Motorsports Honda McLaren F1 fia regulations