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Honda Racing Corporation USA (HRC US), the North American racing arm for Honda and Acura, today announced it will create a new business to produce performance parts for customer use for street, track and off-road applications. Formerly known as Honda Performance Development (HPD), HRC US will offer a new line of performance parts for retail customers. (read AutoInformed.com on: US Honda Performance Development Now Global)
“HRC US has been winning races and championships on and off road for three decades, and we’re excited to apply this experience to new lines of performance parts for Honda and Acura enthusiasts eager to augment their performance driving experience,” said Jon Ikeda, senior vice president, HRC US. “To be an HRC genuine part, it must meet our exacting standards, while functionally improving vehicle performance and the driving experience.” Continue reading
Oh Canada – Magna Q3 Sales Off but Net Earnings Up
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Magna International (NYSE: MGA) today posted sales of $10.3 billion (footnote 1: 1C$ = 0.736 US$) for Q3 2024, a decrease of 4% from the third quarter of 2023. The lower sales come from a 4% decrease in global light vehicle production, including 6% lower production in North America and China, and a 2% decline in Europe. Adjusted EBIT decreased to $594 million in the third quarter of 2024 compared to $615 million in the third quarter of 2023. This was the result of reduced earnings on lower sales, higher production input costs net of customer recoveries, and lower equity income. However, income from operations before income taxes increased to $700 million for the third quarter of 2024 compared to $538 million in the third quarter of 2023 for the giant Canadian-based global mega-supplier to the auto industry.*
“We continue to mitigate industry headwinds including lower production volumes in each of our core regions. Our ongoing initiatives and results to date reinforce our conviction in our free cash flow outlook this year and beyond. As we continuously seek to optimize value creation, we are resuming share repurchases in the fourth quarter –ahead of our prior plan,” said Swamy Kotagiri, Magna’s Chief Executive Officer. Continue reading →