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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

Honda recalls more than 750,000 vehicles to fix faulty seat air bag sensor

DETROIT — Honda is recalling more than three quarters of a million vehicles in the U.S. because a faulty sensor may cause the front passenger air bags to inflate when they're not supposed to. The recall covers certain Honda Pilot, Accord, Civic sedan, HR-V and Odyssey models from the 2020 through 2022 model years, as well as the 2020 Fit and Civic Coupe. Also included are the 2021 and 2022 Civic hatchback, the 2021 Civic Type R and Insight, and the 2020 and 2021 CR-V, CR-V Hybrid, Passport, Ridgeline and Accord Hybrid. Affected models from the Acura luxury brand include the 2020 and 2022 MDX, the 2020 through 2022 RDX and the 2020 and 2021 TLX. Documents posted Tuesday by the U.S. National Highway Traffic Safety Administration say that the front passenger seat weight sensor may crack and short circuit, and fail to turn off the air bag as intended. The sensors are required to disable the air bags if children or small adults are in the seats. If that doesn't happen, it increases the risk of injury. Dealers will replace the seat sensors at no cost to owners. Owners will be notified starting March 18. Honda says in documents that it has 3,834 warranty claims but no reports of injuries or deaths from the problem between June 30, 2020 and Jan. 19 of this year. Featured Gallery 2020 Honda CR-V Hybrid View 40 Photos Green Recalls Acura Honda

1991 Acura NSX Luggage Test: Will a Motocompacto fit in the trunk?

I know I know, the wait has been killing you. From the second the Honda Motocompacto electric scooter/suitcase was introduced, you've desperately been begging the universe to answer the following question: "Will the Honda Motocompacto fit in the trunk of a 1991 Acura NSX?" Believe me, the suspense was killing me, too. Well, rest assured, your answer is finally here.  I stumbled upon old friend Tyson Hugie and his predictably pristine 1991 Acura NSX at Radwood Socal two weekends ago. While chatting about my/his old Acura TSX finding a new home with a collector in North Carolina, a gentleman on a Honda Motocompacto whizzed by and finally pulled up to a stop among the small group of people gathered around the NSX and an Integra Type R. We initially thought it had been brought by the Honda PR rep who was attending Radwood (he did in fact have one in his trunk, an Acura 2.3 CL), but it actually belonged to the person riding it. Patrick Vidal had only just got his Motocompacto the previous Monday, but had already put it to work as his last-mile transport. He says it fits behind his seat in his Toyota MR2 Spyder, as if this story couldn't get more rad. As I stood there with Tyson and Patrick chatting about life with Honda's latest creation, I started staring at the back end of Honda's finest creation. Then I looked back at the Motocompacto ... and back again at the NSX.  "Um, do you think that would fit in the NSX's trunk?" I asked, turning to Tyson. "Oh, that's happening," he quickly replied. We asked Patrick if he'd be game, and no shocker, he was. Tyson cleared out the trunk and Patrick started the process of transforming the Motocompacto from a scooter into luggage.  The transformation is certainly not a seamless process. There's lots of steps, and Patrick said that he's still getting the hang of remembering all the bits and pieces. Again, though, he'd only had the thing for five days.  Initially, I doubted the Motocompacto would fit, but as it got smaller and NSX trunk got emptier, I got a lot more confident. "OK, let's do this," said Mr. Luggage Test, rubbing his hands together.  Officially, the 1991 Acura NSX was listed as having 5 cubic-feet of trunk volume. That's actually the same as my 1998 BMW Z3's trunk, but when you're talking about such a small amount, the shape of the space really matters and in this case, the NSX trunk is basically a big rectangular cavity with a protrusion from the engine bay.  OK, let's get to the bags.