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Mazda's first-quarter profit slumps on weak sales in U.S. and China

TOKYO — Mazda reported a 79% drop in quarterly operating profit, falling significantly short of estimates, as it continues to struggle with declining U.S. and Chinese sales, while a strengthening yen also cut into its bottom line. Operating profit at JapanÂ’s No.5 automaker was 7.0 billion yen ($64 million) in the first quarter ended June, versus around 33 billion yen a year ago and less than half of an average forecast for 18.5 billion yen from analysts polled by Refinitiv. Mazda, however, reiterated its forecast for a 33% rise in operating profit to 110 billion yen in the year ending March. ThursdayÂ’s profit announcement marks MazdaÂ’s poorest first-quarter operating performance since the June 2012 quarter. The automaker has been struggling with falling demand for its cars over the past year or so, while it is also recovering from flood-related damage to its factories in Japan that led to a quarterly loss in the July quarter of 2018. The Nikkei business daily on Wednesday had reported that operating profit at the company would fall around 70% for the quarter due to lower sales in the United States. Mazda posted global sales of 353,000 units for the quarter, down 12% from a year ago. Its sales in the United States, its biggest market, fell 15% to 68,000 units, while in China, Mazda sold 54,000 vehicles, down 21% on the year. A trade war between the top two economies and slowing growth in China, the worldÂ’s biggest auto market, have prompted a broad-based sales downturn in the global auto sector. Automakers are grappling with easing demand for cars just as they must invest heavily in new technologies including electric cars, autonomous driving technologies and ride-sharing services to survive a major industry shift away from car ownership. Many of MazdaÂ’s rivals at home and abroad have been reporting disappointing quarterly results, with Nissan and Ford also announcing job cuts and possible plant closures earlier this month. The United States is a key source of revenue for Mazda, but it imports all its vehicles sold there, exposing it to a threatened hike in U.S. tariffs on imported cars from Japan. To limit its vulnerability to possible tariffs and currency fluctuations, Mazda is investing in a new plant in the U.S. state of Alabama, a joint project with Toyota.

Junkyard Gem: 1989 Mazda MX-6 GT Turbo

The Mazda MX-6 is best-known in the United States as the sibling (or maybe first cousin) of the Ford Probe, which almost became the successor to the Fox Mustang. The MX-6 and Probe were well-engineered and very quick for the era, but never enjoyed great American-market sales success. Here's a rare first-generation MX-6 GT that I photographed last week in a Denver self-service yard. 145 turbocharged horsepower was pretty good for 1989, when a new Honda Prelude Si had 135 horses and the far more expensive BMW 325i ($24,650 for the 325i coupe versus $14,499 for the MX-6 GT Turbo) had 168. This one doesn't have the optional four-wheel steering, but it does have the three-way adjustable suspension. If you drove a turbocharged car in 1989, you needed a nine-band equalizer with analog sliders on the radio. It was the law. It's not rusty, but at 205,575 miles it's worn out. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Japanese-market version was known as the Capella C2, and it boasted some great TV commercials. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. "A better value in high-performance luxury sports coupes comes from our intense commitment to your total satisfaction." As always, the US-market TV ads are less interesting than their Japanese counterparts. Related Video: Featured Gallery Junked 1989 Mazda MX-6 GT Turbo View 21 Photos Image Credit: Murilee Martin / AOL Auto News Mazda Coupe Classics

2019 Mazda3 Hatchback AWD Premium Second Drive | Gushing about an exceptional car

The 2019 Mazda3 Hatchback is quite simply one of the best cars I've ever driven. During my week with one, specifically a range-topping Premium package version for $31,335, I struggled to come up with bad things to say apart from elements like rear visibility and back seat headroom that are directly related to its distinctive, avant garde design. That's an acceptable tradeoff in my book. So many of the new 3's elements can serve as a measuring stick for other cars. Not just its specific compact hatchback/sedan class, but all other cars, period. I had the Mercedes CLS 450 at the exact time, a car I deeply appreciate and that cost $69,000 more, and yet it was a struggle to decide which I wanted to drive. Perhaps not surprising given the 3's history, but the measuring stick is set first by the handling. It dances between corners with composure and feedback that you just don't get in cars any more Í– let alone at this price point. This is a car you feel through your butt, your heels on the floor and your hands on the wheel. Everything is just so right. And it should be noted that I came to this conclusion before remembering that Mazda switched to a cheaper, less sophisticated torsion beam rear suspension for this latest model. Perhaps you can tell the difference driving 10/10ths at a test track, but in the real world, I certainly didn't notice or log a complaint. Grip is superb. Even when the tires gave way a bit on my mountain road evaluation route, there was only a bit of squealing and it resolutely whipped itself through hairpins with shockingly little understeer for a front-drive-based car, helped no doubt by its all-wheel drive system. It would be interesting to see how much understeer the front-drive versions allow, and whether AWD is mitigating torque steer given the 3's not-insignificant power. As it is, the 3's standard 2.5-liter four-cylinder produces 186 horsepower and 186 pound-feet of torque, which is substantially better than virtually every other base engine in the segment. Its throttle response should be copied by everyone, as should the steering. OK, maybe not Porsche, which I keep finding myself drawing comparisons to whenever experiencing a new Mazda. Take that as the compliment it seems to be. I'd also like to note that the 3 has a six-speed automatic transmission rather than an easily confused eight-, nine- or eleventy-speed unit. Or a damn CVT.