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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

Acura teases production MDX ahead of next week's unveiling

Acura will unveil the 2022 MDX in production form next Tuesday, Dec. 8, promising it will be "the most premium, performance-focused and technologically advanced SUV in Acura history." Acura will host the debut on its web site at 11:30 a.m. EST.  If you thought we already saw the 2022 Acura MDX, it's because we did. Acura showed the TLX-inspired design back in October with a "prototype." Like parent company Honda, Acura tends to show "prototypes" that are dead-ringers for their production variants, and this appears to be no different. The below left is Acura's teaser image with the levels brought up to reveal more detail; the below right is an image of the "prototype" shown in October. From what we can see here, they're virtually identical, and nothing we've seen in spy photos suggests that we're in for any surprises when the real thing bows next week.  The 2022 MDX rides on a new light truck platform that Acura says will provide more athletic handling, greater ride comfort and a quieter cabin versus the outgoing car. Like the new TLX, it will incorporate a double-wishbone front suspension, which should also improve ride and handling. Acura says it will offer a Type S version of the MDX is with the same turbocharged V6 that will power the new TLX Type S. That variant will make 355 horsepower and 354 pound-feet of torque (same as the TLX), while the standard engine will continue to be Acura’s 290-horsepower 3.5-liter V6. Both engines will be mated to AcuraÂ’s 10-speed automatic transmission and send power to all four wheels using the latest fourth-generation SH-AWD system. Not all of the performance details are available yet, but Acura says the MDX can be had with four-piston Brembo brake calipers (likely another Type S feature) and comes with a drive mode selector that allows you to adjust ride, handling, steering, suspension and powertrain characteristics. Based on the prototype, the interior matches the exterior for flair and elegance. We like the open-pore wood thatÂ’s been infused with metallic flake, French stitching, contrast piping and quilted leather in all three rows. Acura says that all three rows get more legroom this year, and first and third rows get more headroom. A new panoramic moonroof should make the cabin even airier for rear occupants. Related Video:

Honda, SolarCity expand sun-powered partnership with new $50 million fund

It must be solar-power announcement time. The DOE is ready to throw $25 million at concentrating solar power and New York State just announced $94 million for solar projects. At the broadly green-minded South By Southwest Eco festival in Austin, TX this week, Honda announced an expansion of its work with SolarCity to include a new fund that could finance up to $50 million in solar projects for dealerships and homes. Well, the homes of people who have purchased a Honda or Acura vehicle, at least. Stop us if this all sounds familiar. Honda and SolarCity announced back in early 2013 that they would work together on a $65-million fund to partially subsidize the installation of solar-panels at Honda dealers and on homes of Honda and Acura drivers. The new $50 million will be used to pay for not only the equipment but also the installation, which means that if you can get access to the money, you're looking at a pretty sweet 20-year lease deal to get solar energy for your home and could make it a bit more like the Honda Smart Home in Davis, CA (pictured). How sweet a deal? Well, there's zero down payment required and a 3-kW system starts could cost you just $25 a month, according to the fine print. Rates will vary, for sure, but if that sounds like something you're interested in, check out the Honda SolarCity site. The new fund builds on the previous work that, the two companies say, created enough solar capacity to offset "more than 400 million pounds of CO2 over a 30-year lifecycle." There's more in the press release below. SolarCity and Honda Announce $50 Million Commitment to Provide Solar Power to Honda and Acura Customers and Dealerships SAN MATEO and TORRANCE, Calif., Oct. 8, 2014 – Today, at the SXSW Eco conference in Austin, TX, SolarCity® (Nasdaq: SCTY) and Honda have renewed their partnership with a new fund expected to finance $50 million in solar projects. The new commitment will make solar power more affordable and available to Honda and Acura customers and dealerships in the U.S. The companies have completed or initiated a range of solar projects for homeowners, dealerships and corporate facilities that total more than 12.5 MW of solar generation capacity. The two companies have already brought enough solar capacity online to offset more than 400 million pounds of CO2 over a 30-year lifecycle . The $50 million fund is a follow-up to a $65 million fund the companies created in 2013.