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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.

Mazda hands over first factory-restored Miata

In August 2017, Mazda announced that it will be offering factory quality restoration work for the original, NA body Mazda MX-5 Miata introduced in 1989. The program also included parts support, as Mazda wants to underline how much the original Miata still means to it. The program was launched with exemplary work carried out on a Miata owned by Mazda, but the first customer car has now been finished. The first car was picked from 600 applications sent to Mazda. Out of all these cars needing factory certified work, the 1992 British Racing Green V-Special owned by retired tomato farmer Keiji Nishimoto was chosen to be the first. The Eunos-badged limited-edition car was bought new by Nishimoto, and he told Mazda the car had been instrumental in creating some wonderful road-trip memories. The V-Special edition came in a British roadster-style color combination: "Neo" green over tan leather, complete with a retro-style Nardi wood wheel. The car also has a front strut bar and a limited-slip differential. Nishimoto had already been planning to get his car restored, but getting it done by Mazda during the summer was even better. The car was finished in August, and it was officially handed over to its owner in September. To have owned and enjoyed a car for a quarter-century and getting a chance to experience it in as-new condition again must be a fantastic experience. Nishimoto says the car is now good for another 25 years of driving. For the time being, the TUV Rheinland certified restoration program is only available for Japanese customers. But since a large percentage of first-generation Miatas are still on the road, and a large percentage of those will need bodywork done in all the usual places, we would happily see Mazda reach out to European and American customers as well. Related Video:

Mazda2 production fires up in Mexico

Mazda has officially kicked off production of the next-generation Mazda2 at the company's new factory in Salamanca, Mexico. Alongside the auto assembly plant, operations have also commenced at the facility's engine machining factory.
"With the start of production of the all-new Mazda2, operations underway at the engine machining plant, and an increase in our annual production capacity, we now have an even stronger production framework capable of supplying global markets with Skyactiv products of the same high quality level as those made in Japan," Mazda de Mexico Vehicle Operation's President Keishi Egawa said in a statement. "At the same time, we are pleased to be able to make a contribution to Mexico's further economic growth."
MMVO joins Mazda's Hofu Plant in Japan and the Auto Alliance factory in Thailand, which commenced Mazda2 production in July and September, respectively.