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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 Drops Takata, Parts Company Fined by US Regulators | Autoblog Minute

US regulators hit Takata with a substantial fine and Honda drops the embattled supplier. Autoblog's Adam Morath reports on this edition of Autoblog Minute.

Editors' Picks August 2021 | Honda Civic, Mercedes S-Class and more

This month of Editors' Picks saw us award the honor to a couple of redesigned stalwarts like the Honda Civic and Mercedes-Benz S-Class. Plus, a new crossover that splits the difference between the compact and subcompact class takes home the prize. On top of this, we'll introduce you to a new term: midcompact. We'll be using this to describe those in-between crossovers that are a tad too small to be considered compact, but too large to neatly fit into the subcompact class. For a few examples of these "midcompact" cars, we'll point you to the Ford Bronco Sport, Kia Seltos and VW Seltos. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in August that earned an EditorsÂ’ Pick. 2021 Genesis G70 2022 Genesis G70 View 26 Photos Quick take: Genesis hits all the right buttons with its G70. It's attractive, fun to drive and can be had for a fair price. Enthusiasts should give it a shot before taking home one of its German competitors. Score: 8 What it competes with: Alfa Romeo Giulia, Lexus IS, Acura TLX, Infiniti Q50, Audi A4, BMW 3 Series, Mercedes-Benz C-Class, Cadillac CT4, Volvo S60 Pros: Sharp handler, stunning exterior looks, strong engines Cons: Average interior, loses manual option, small backseat and trunk From the editors: News Editor Joel Stocksdale — "I was already a big fan of the Genesis G70. It has brilliant handling, and the twin-turbo V6 is a beast. It's even a bargain against the competition. And Genesis just made it look a lot better. I wish they'd done a bit more to update the interior, but it's still not a bad cabin. Besides, you won't think too much about it when you're hustling down a fun back road." Features Editor James Riswick — "Yes, it is small, but in a sport sedan segment where "sport" means increasingly less, the G70 still delivers (in part because of that smallness).