Official: Honda reports $1.9 billion profit in first quarter despite sales lag at home

Filed under: Honda, Earnings/Financials

2013 Honda Civic badge

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.

While Japan’s third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn’t been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.

Honda’s initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today’s rates), and while a $200 million shortfall is nothing to sniff at, we’d hardly take this as Honda being in trouble. And even with the dip, Honda hasn’t adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Still, the cause of the problem for Honda isn’t one that’s easily solvable. Accord sales were strong, helping the brand move 745,578 vehicles during the first half of 2013, which is a six-percent improvement in year-over-year sales. Yet, Honda’s market share shrunk by 0.1 percent, and the Japanese manufacturer’s lack of competitive SUVs and pickups is worrying. In the short term, though, the arrival of the new Acura MDX in North American dealerships should deliver a small shot in the arm.

Honda’s home-market issues are also troubling, with Reuters reporting a 24-percent drop in sales, thanks to the discontinuation of government subsidies. All told, this isn’t the rosy outlook we’ve gotten used to since the latest batch of earnings came out.

Continue reading Honda reports $1.9 billion profit in first quarter despite sales lag at home

Honda reports $1.9 billion profit in first quarter despite sales lag at home originally appeared on Autoblog on Wed, 31 Jul 2013 16:00:00 EST. Please see our terms for use of feeds.

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Report: Ford books $1.2B profit in second quarter on strength of trucks

Filed under: Ford, Earnings/Financials

Ford logo

Ford is rolling along nicely, with a positive second-quarter sales report and a $2.3 billion profit in North America. The Dearborn, Michigan-based manufacturer captured $1.2 billion globally from April to June, with a $177 million profit in Asia. Even in Europe, the land of doom and gloom for automakers not named Mazda, Ford saw some success as it lowered its expected full-year loss from $2 billion to $1.8 billion. The company lost $348 million in Europe during the second quarter, which, believe it or not, represents a $56-million improvement over 2012.

According to the report on CNBC, Ford enjoyed a three-percent increase in pre-market trading thanks to the news. The strong demand for the F-150 propelled growth in the US market, while Ford’s 47-percent increase in Asian sales can be attributed to the new EcoSport crossover and Kuga (Ford Escape in the US) arriving in the somewhat fragile Chinese market.

Pre-tax profits for Ford are expected to be in the neighborhood of $8 billion by the end of the year, with sales the US, Europe, and China all looking up. The company also shifted $4.78 billion of asset-backed debt in the form of bonds, according to a report by Bloomberg. This move came amidst rumors of the Federal Reserve cutting back on its $85-billion-per-month bond purchases. Ford wasn’t alone among automakers looking to sell off debt, though, as Mercedes-Benz and Nissan shifted around $1 billion each in bonds relating to auto loans.

Ford books $1.2B profit in second quarter on strength of trucks originally appeared on Autoblog on Wed, 24 Jul 2013 10:59:00 EST. Please see our terms for use of feeds.

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Video: 1,243-hp Lingenfelter Camaro runs eight-second quarter mile

Filed under: Aftermarket, Motorsports, Coupe, Performance, Videos, Chevrolet

Lingenfelter Camaro

Lingenfelter Camaro dips into the eights – Click above to watch video after the jump

Prepare to have your concept of the laws of physics twisted by the guys and gals at Lingenfelter. The crew have turned their attention to building one of the meanest full-interior, fifth-generation Chevrolet Camaro drag cars on the planet. In order to hustle 4,075 pounds of General Motors muscle down the track, Lingenfelter has dropped in a fully built LS9 V8 with an Eaton supercharger and all the guts to match. The heads were fully ported and loaded with titanium intake valves and hollow, sodium-filled exhaust valves for the easiest breathing possible. Throw in a set of long-tube headers, a two-stage nitrous system and twin fuel pumps and you’ve got a lump good for a mind-boggling 1,243 horsepower.

Lingenfelter has unsurprisingly ditched the stock clutch in favor of an RPS triple carbon piece, and a unique 9.5-inch billet rear differential with a 4.10 gear puts power to both rear wheels.

By some miracle of driving prowess, John Ebert was able to wrestle this machine down the quarter mile in 8.99 seconds at 158 mph. Hit the jump to watch it happen.

[Source: Inside Line]

Continue reading Video: 1,243-hp Lingenfelter Camaro runs eight-second quarter mile

Video: 1,243-hp Lingenfelter Camaro runs eight-second quarter mile originally appeared on Autoblog on Thu, 25 Nov 2010 13:35:00 EST. Please see our terms for use of feeds.

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Video: AMS Alpha 10 claims new quarter-mile record for Nissan GT-R

Filed under: Aftermarket, Coupe, Performance, Videos, Nissan

AMS Alpha 10 GT-R at the starting line

AMS Alpha 10 Nissan GT-R claims a quarter-mile record – Click above to watch the video after the jump

AMS Performance has broken its own quarter-mile record in a Nissan GT-R, this time gussied up with its Alpha 10 package. The most important thing you need to know about the suite of changes is that it takes the car up to 1,100 horsepower. The details include an Alpha 10 turbo system on top of a blueprinted engine, with all that horsepower routed through an Alpha 10 transmission. Naturally, just about everything else from the turbo inlet pipes to the fuel injectors to the downpipes have been upgraded or reworked.

The result was a 9.33-second run at 153 miles per hour. That takes 0.56 seconds off AMS’ time from March of this year in its GT-R SR850 at the TX2K10 Supra & GTR Nationals. Video footage of the run (completely with overly dramatic music and buildup) is after the jump, and a few shots of the runner itself are in the gallery of images below. Thanks to everyone for the tips!

Gallery: AMS Performance Alpha 10 GT-R

[Source: AMS Performance]

Continue reading Video: AMS Alpha 10 claims new quarter-mile record for Nissan GT-R

Video: AMS Alpha 10 claims new quarter-mile record for Nissan GT-R originally appeared on Autoblog on Mon, 11 Oct 2010 14:57:00 EST. Please see our terms for use of feeds.

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Video: Hennessey runs its “Coupe DeThrill” down the quarter-mile

Filed under: Aftermarket, Coupe, Performance, Videos, Cadillac

2011 Hennessey V700 Coupe

2011 Hennessey V700 Coupe on the dragstrip – Click above to watch video after the jump

We think the 304 horsepower Cadillac CTS Coupe is pretty cool and the 556 hp CTS-V Coupe is an outright badass. The power pundits at Hennessey think any car or truck could use a little more oomph than it leaves the factory with. John Hennessey’s crew has massaged the blown LSA motor under the two-door Caddy’s bulging hood and the results scream for themselves. The 2011 Hennessey V700 Coupe pushes out 700 hp to the rear wheels and makes nearly 740 pound-feet of torque.

How does that all that power do when the car is launched down the dragstrip? The trip from tree to finish takes just over 11 seconds. Hop the jump to see the action for yourself.

Gallery: First Drive: 2011 Cadillac CTS-V Coupe

Photos by Steven J. Ewing and Chris Shunk / Copyright (C)2010 Weblogs, Inc.

[Source: YouTube]

Continue reading Video: Hennessey runs its “Coupe DeThrill” down the quarter-mile

Video: Hennessey runs its “Coupe DeThrill” down the quarter-mile originally appeared on Autoblog on Sun, 03 Oct 2010 20:15:00 EST. Please see our terms for use of feeds.

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Tesla reports second-quarter loss of $38.5 million

Filed under: Earnings/Financials, Tesla

Tesla Model S

Tesla Model S – Click above for high-res image gallery

Tesla has reported its first earnings statement as a public company and, not surprisingly, the numbers don’t exactly paint a rosy portrait. The company announced that while it managed to bring in revenue around $28.4 million, it lost $38.5 million. That loss marks the second such dip in earnings for the company this year, though analysts are saying that the drop in cash flow is to be expected. The company just handed over $42 million to purchase a manufacturing facility for the Model S, and odds are the company will continue to funnel money into the structure as we get closer to the EV sedan’s production date.

Speaking of the Model S, it’s likely that a fair portion of the company’s funds are being shoveled into development of this second Tesla model. With those two hefty projects on the company’s plate, odds are we won’t see the electric vehicle manufacturer turn a profit for some time – possibly until after the end of this year. The news doesn’t seem to have had too much of a negative impact on the company’s stock price, though. As of this writing, TSLA stock was still at $20.18 – down around a dollar from opening.

Gallery: Tesla Model S in motion

tesla-model-s-large-4tesla-model-s-large-2tesla-model-s-large-1tesla-model-s-large-3tesla-model-s-large-5

[Source: Automotive News – sub. req.]

Tesla reports second-quarter loss of $38.5 million originally appeared on Autoblog on Thu, 05 Aug 2010 16:58:00 EST. Please see our terms for use of feeds.

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