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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

Driving the Honda Ridgeline and marveling at Tesla | Autoblog Podcast #638

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Associate Editor Byron Hurd. They start off talking about why more people should buy the Honda Ridgeline, because it's a pretty darned good truck. Next, Byron talks about some Hyundais. He shares his experiences with the 2020 Sonata Hybrid and talks briefly about the prototype 2021 Elantra currently occupying his driveway. Up next, Jeremy shares his feelings about the BMW X1 crossover he spent some time with, prompting the gang to mull over the notion of BMW's modern interpretation of "Ultimate Driving Machine." After that, Byron talks about towing his 1990 Mazda Miata with the 2020 Infiniti QX80, and then they wrap up with some discussion of the mystery surrounding the Ford Maverick and some comments on the current state of Tesla. Autoblog Podcast #638 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Hauling dirt with the 2020 Honda Ridgeline Driving the 2020 Hyundai Sonata Hybrid Discussing the 2021 Hyundai Elantra Driving the 2020 BMW X1 Towing a 1990 Mazda Miata with a 2020 Infiniti QX80 News Ford Maverick tailgate stamping leaks; we may see the whole thing in 2021 Tesla reports profit for fourth straight quarter, setting it up to join S&P 500 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Honda S660 set for Yokkaichi production next year

Roadsters, you might argue, are best when they're small and nimble. If you're thinking of the Mazda MX-5 Miata, you're on the right track, but there have been even smaller ones: pint-sized, three-cylinder roadsters like the Daihatsu Copen, Suzuki Cappuccino and Smart Roadster. But the most iconic and enduring of them was surely the Honda Beat.
Designed by Pininfarina, the Beat was - not unlike the F40 was for Enzo Ferrari - the last car approved for production by company founder Soichiro Honda. It complied with Japan's strict Kei car regulations and packed a tiny, naturally aspirated 656 cc that produced just 63 horsepower. The cult classic ended production in 1996, but six months ago Honda hinted at a revival with the presentation of the S660 concept at the 2013 Tokyo Motor Show. Now it seems Honda - or Yachiyo, we should say - is gearing up to put it into production at the same factory that produced the Beat two decades ago.
That plant is the Yokkaichi factory, a facility owned by Yachiyo Industry Co., Ltd. that builds small cars on contract for Honda. It was slated for a major expansion a few years ago until Honda shifted some of its small car production to its own plant in Suzuka, but continues to build the N series of boxy, upright hatchbacks, as well as small commercial vehicles like the Life and Vamos lines. The reintroduction of a small roadster line to the factory's output sometime in 2015 will undoubtedly be a cause for celebration in Yokkaichi. For our part we can only hope that American Honda CEO Tetsuo Iwamura gets his way and manages to bring the S660 to the US in the near future.