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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

A car writer's year in new vehicles [w/video]

Christmas is only a week away. The New Year is just around the corner. As 2014 draws to a close, I'm not the only one taking stock of the year that's we're almost shut of. Depending on who you are or what you do, the end of the year can bring to mind tax bills, school semesters or scheduling dental appointments. For me, for the last eight or nine years, at least a small part of this transitory time is occupied with recalling the cars I've driven over the preceding 12 months. Since I started writing about and reviewing cars in 2006, I've done an uneven job of tracking every vehicle I've been in, each year. Last year I made a resolution to be better about it, and the result is a spreadsheet with model names, dates, notes and some basic facts and figures. Armed with this basic data and a yen for year-end stories, I figured it would be interesting to parse the figures and quantify my year in cars in a way I'd never done before. The results are, well, they're a little bizarre, honestly. And I think they'll affect how I approach this gig in 2015. {C} My tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015 it'll be as high as 73. Let me give you a tiny bit of background about how automotive journalists typically get cars to test. There are basically two pools of vehicles I drive on a regular basis: media fleet vehicles and those available on "first drive" programs. The latter group is pretty self-explanatory. Journalists are gathered in one location (sometimes local, sometimes far-flung) with a new model(s), there's usually a day of driving, then we report back to you with our impressions. Media fleet vehicles are different. These are distributed to publications and individual journalists far and wide, and the test period goes from a few days to a week or more. Whereas first drives almost always result in a piece of review content, fleet loans only sometimes do. Other times they serve to give context about brands, segments, technology and the like, to editors and writers. So, adding up the loans I've had out of the press fleet and things I've driven at events, my tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015, it'll be as high as 73. At one of the buff books like Car and Driver or Motor Trend, reviewers might rotate through five cars a week, or more. I know that number sounds high, but as best I can tell, it's pretty average for the full-time professionals in this business.

2017 Acura MDX Sport Hybrid goes on sale in April for $52,935

If you like the hybrid tech of the Acura NSX, but don't need a six-figure, 191-mph supercar as your daily driver, you might enjoy the extra room of the Acura MDX Sport Hybrid. It uses the same SH-AWD system with three electric motors as its racier stablemate – and puts a naturally aspirated 3.0-liter V6 up front – but seats up to seven people. It goes on sale in early April, and Acura has announced a starting MSRP of $52,935. The MDX Sport Hybrid starts at $7,910 higher than the base, front-wheel-drive MDX, but only $1,500 more than the comparably equipped, non-hybrid MDX SH-AWD. It offers 31 more ponies, for a total of 321 peak horsepower and of 289 pound-feet of torque. It's less expensive than the other Acura to use the Sport Hybrid system, the RLX sedan, which starts at $59,950. (That car incurs a price premium of $5,500 over its P-AWS-equipped FWD base model; there's no non-hybrid AWD RLX.) The MDX Sport Hybrid gets an EPA-rated 26 mpg city, 27 highway, and 27 combined. Compared to the conventional MDX SH-AWD's 18/26/21 mpg rating, its biggest fuel economy gains are to be found in city driving. The Sport Hybrid's figures are even slightly better than the 25/26/26 mpg Acura expected when the car debuted in New York last year. The MDX Sport Hybrid should be fairly entertaining to drive, too, at least for a utility vehicle. It's Acura's most powerful SUV to date, and it offers four driving modes: Comfort, Normal, Sport, and Sport+. A seven-speed dual-clutch transmission handles the gear changes, but the driver can take control via a pair of paddles on the back of the steering wheel. The SH-AWD system's torque vectoring feature promises to help make the MDX proficient in the twisty bits, too. Related Video: