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Honda charged another $363 million over Takata airbags

The Takata airbag recall is growing increasingly expensive for Honda. In the latest hit to the automaker's bottom line, the company is revising the expected costs of its global safety campaigns by an additional 44.8 billion yen ($363 million) after the massive expansion in May. Months ago, Honda announced that it had set aside 50 billion yen ($425 million at the time) to meet the predicted expenses. According to Automotive News, due to the rather arcane laws of accounting, these new costs will actually be applied to the fiscal year that ended on March 31, rather than the current one. Honda's revised earnings will be announced in late June. The company previously reported an operating profit of 651.7 billion yen ($5.3 billion), which was down 13 percent from the previous year. There has been no change to planned dividends for investors. In the US, Honda and Acura have a total of about 6.28 million vehicles in need of a replacement airbag inflator, and the automaker says about two million of those are already repaired. In addition to the Takata campaign, the company has faced other financial setbacks during this calendar year. For example, in early January, it received a $70 million fine from the National Highway Traffic Safety Administration for failing to report 1,729 cases of injuries or deaths over 11 years. As part of a strategy to improve quality globally, Honda cut back its global sales forecasts for the coming year, and it also decided not to make any volume predictions through 2017. To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, 107-8556 Tokyo Takanobu Ito President and Representative Director Notice of Events after the Reporting Period Regarding Product Warranty Expenses Honda Motor Co., Ltd. (the "Company") and its consolidated subsidiaries have been conducting market-based measures in relation to airbag inflators, such as product recalls and a Safety Improvement Campaign. Due to factors arising since May 2015 such as an expansion of the scope of these market-based measures based on an agreement between our supplier and the U.S. National Highway Traffic Safety Administration, a change has arisen in the estimate relating to product warranty expenses. The amount of product warranty expenses now expected to be incurred is 44,800 million yen.

Honda Accord sets the pace as Indy safety car with HPD upgrades

Honda has rolled out a new pace car to lead the pack in the IndyCar Series. But it didn't just slap some graphics and auxiliary lighting on a production model and call it a day. Honda Performance Development (HPD) was tasked with giving the Accord coupe a thorough overhaul to prepare it for the task at hand. To the 3.5-liter V6, HPD bolted a Borg-Warner turbocharger and fitted high-flow fuel injectors and custom intake, exhaust, pistons, connecting rods and intercooler as well as the crankshaft from the Acura RLX to drive output up to 400 horsepower. The transmission was beefed up as well, with a limited slip differential to help get the power down to the track surface. To keep it all in check, HPD fitted new brakes, a stiffened suspension and rolling stock. It's all been topped off with a factory aero kit, special graphics and lighting, with Sparco seats and four-point racing harnesses fitted inside. The latest in a series supplied by Honda since 2006, the Accord safety car made its debut this weekend at the Honda Indy Grand Prix of Alabama at Barber Motorsports Park. Honda Unveils 2015 Accord Safety Car Apr 24, 2015 - TORRANCE, Calif. - Will pace IndyCar Series races starting Sunday at Barber Motorsports Park - Latest in series of Honda safety cars for Indy car competition - Production 2015 Honda Accord modified by Honda R&D Americas Honda today unveiled the 2015 Honda Accord Safety Car, which will lead the Verizon IndyCar Series field to the green flag for Sunday's Honda Indy Grand Prix of Alabama at Barber Motorsports Park. The latest in a series of Honda Safety Cars utilized since 2006 for Indy car competition, the 2015 Honda Accord Safety Car is a production model featuring performance enhancements created by Honda R&D Americas, Inc., for its new role. "The 2015 Honda Accord Coupe is an ideal match for IndyCar Safety Car duties," said Jim Lee, manager of Experiential Marketing for American Honda. "Taking its already large and powerful 3.5-liter V6 engine, we asked the team at Honda R&D Americas to enhance and develop a car that is perfectly suited to lead the Verizon IndyCar Series field. I think they accomplished all that we asked, and more." The Honda R&D team started with a production Honda Accord Coupe, then added a mix of engine and chassis modifications to create a fun, fast vehicle fully capable of pacing Indy cars at both road courses and oval tracks across North America.

Recharge Wrap-up: First VW e-Golf in US up for auction, meet Project Ain't Fuelin'

Volkswagen is auctioning the first e-Golf in the US to raise money for Global Green USA. The auction is live now, and bidding goes until 3:30 pm Eastern on October 29. Global Green USA will use the proceeds to help find solutions to climate change, and the winner will get to enjoy emissions-free driving before the car e-Golf goes on sale in November. If you don't live in or near California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, Vermont or Washington DC, you might want to sit this one out, as the car will only be available to pick up at dealers in those initial launch states. Go bid now, or learn more in the press release below. Berlin, Germany will use Solaris electric buses for a complete bus line in 2015. The downtown line will run 3.8 miles between Zoologischer Garten Station and Sudkreuz. The transport operator Berliner Verkehrsbetriebe (BVG) will use four of the Solaris e-buses for the test, each about 39 feet long. The buses use a 200-kilowatt inductive charging system at the ends of the line to recharge in just a few minutes. The government-funded test runs through 2016, but BVG pans to use the electric buses beyond that timeline. Read more at Green Car Congress. The American Petroleum Institute (API) is worried that the Obama administration will use ethanol requirements to influence a Senate race in Iowa. In the midst of a close race against Republican Joni Ernst, Representative Bruce Braley, the Democratic candidate, is urging Obama to reject a cut in the Renewable Fuel Standard. The November election approaches, meanwhile the EPA continues to delay issuing an ethanol requirement for the year, with or without its proposed 16-percent reduction. Rejecting the cut could help get farmers and ethanol producers on the side of Braley. "We are very concerned that the signals we are seeing from the administration is that the political calculations are outweighing sound fuels policy," says API's Bob Greco. Read more at Businessweek. Project Ain't Fuelin' aims to fix up old cars to return them to original fuel economy, and then surpass it. Episode 3 of Valvoline's Under The Hood video series features Daniel Gray of MPGomatic, who is doing just that to a 1999 Honda Civic HX Coupe. He aims to get 50 mpg out of the old Civic by tuning it up, tinkering with the aerodynamics, switching to more efficient tires and other modifications.