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ECONOMY

Six automakers report lower profits

  • May 15, 2019
  • , Yomiuri , p. 8
  • JMH Translation

By May 14 seven major automakers had announced consolidated accounts for the fiscal year ended in March 2019. Six of them reported lower net profits due to sluggish U.S. and Chinese markets and improper inspections of finished cars.

 

Sales volumes were particularly lower in the U.S., a major auto market, with Toyota Motor reporting a 3% decline, Nissan Motor a 9% drop, and Mazda Motor a 6% fall. Suzuki Motor booked a 81.3 billion yen loss as recall costs (collection and free repairs) following its improper inspections, which led to the first decline in profits in four years. Subaru also reported a drop in profits for the third consecutive year due to recalls and the suspension of production at factories owing to defective auto parts. (Abridged)

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