Fit/Jazz (Honda)

Feb 08, 2024

Honda's FY2023 third quarter financial results were announced.
Revenue increased 19.8% YoY to JPY 14,999.5 billion. This was a JPY 2,476.0 billion increase over the previous year's JPY 12,523.5 billion.
Operating income increased 46.7% YoY to JPY 1,076.4 billion. This was an increase of JPY 342.4 billion over the previous year's JPY 733.9 billion.
Pre tax profit increased 47.1% YoY to JPY 1,264.5 billion. This was an increase of JPY 405.1 billion over the previous year's JPY 859.4 billion.
Net income increased 49.1% YoY to JPY 869.6 billion. It increased by JPY 286.4 billion from the previous year's net income.

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Click here for Honda's financial results

Feb 07, 2024

On February 5, American Honda Motor Co. acknowledged that it is recalling certain 750,114 2020 through 2022 model year vehicles in the U.S. due to the airbag sensor issue.

Affected vehicles include the 2020-2022 Pilot, Accord, Civic sedan, HR-V, Odyssey; 2020 Civic coupe, Fit; 2021-2022 Civic hatchback; 2021 Civic Type R, Insight; 2020-2021 CR-V, CR-V Hybrid, Passport, Ridgeline, Accord Hybrid; 2020 Acura MDX; 2022 Acura MDX; 2020-2022 Acura RDX and 2020-2021 Acura TLX vehicles. 

The U.S. National Highway Traffic Safety Administration (NHTSA) says the front passenger seat weight sensor may crack and short circuit, failing to suppress the air bag as intended and letting it deploy unintentionally in a crash.

The sensor assembly weight is supplied by Aisin Electronics Illinois, LLC in Marion, Illinois.

Dealers will replace the seat weight sensors, free of charge, with owner notification letters mailed out by March 18.

(U.S. NHTSA documents on February 1-5, 2024) 1 / 2

Jan 27, 2024

On January 26, LG Energy Solution (LGES) announced its 2023 full-year earnings, posting steady increase in both annual consolidated revenue and operating profit, marking the company's first year of full-fledged operation in North America.

For full-year 2023, LGES reported KRW 33.7 trillion in consolidated revenue and KRW 2.2 trillion in operating profit, marking YoY increase of 31.8% and 78.2% respectively.

"We have achieved high annual revenue growth of more than 30% for two consecutive years by actively responding to strong market demand in North America," said Chang Sil Lee, CFO of LG Energy Solution. "Last year, we have also established sound supply chain by expanding sourcing of IRA-compliant critical minerals from the U.S. FTA countries and reinforcing strategic cooperation for recycling business with partners by region.

In Q4 2023, LGES reported operating profit reaching KRW 338.2 billion, which would have been KRW 88.1 billion without the KRW 250.1 billion IRA tax credit in the quarter, which has increased by 16% from the previous quarter, due to to stable operation of the company's U.S. production facilities. 

LGES predicts the global EV market to grow by mid-20% range in 2024, with North American market growth expected to be in the low-to-mid 30% range.

The company predicts it will be able to maximize its first-mover advantage in North America, where the company has eight production facilities currently operating or under construction.

LGES expects regional policies, such as the IRA and CRMA, to be favorable for the company, which has already secured domestic battery production and value chains, and expects capacity eligible for the IRA tax credits in 2024 to be around 45-50 GWh, more than double that in 2023..

Going forward, the company will further improve the quality of high-nickel (Hi-Ni) NCMA batteries for premium EVs and expedite development of high-voltage mid-nickel NCM and LFP batteries for the mainstream EV segment. 

It will concentrate on the development of next-generation batteries, including its plan to produce lithium-sulfur batteries by 2027, as well as the development of dry electrodes, and the start of manufacturing products with the new stacking process. 

While 2024’s capex will a similar level to the previous year, the company aims to prepare for the expansion of its North American production facilities that are considered its future growth engine, including the GM JV (Ultium Cells) facility in Tennessee, Stellantis JV (NextStar Energy), and Honda JV, and to execute investments into new production plants in a flexible and efficient manner.

(LGES release on January 26, 2024)