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Mazda has released its latest fiscal year report, and the results are disappointing. The company’s operating profit dropped by 44.6 percent compared to the previous fiscal year, falling 4.3 percent below the projections made in February. While Mazda anticipated a challenging year, the results for the fourth quarter were particularly grim, with profits declining by 56 percent compared to the same period last year.
Several factors contributed to Mazda’s losses. A notable drop in sales in both the Japanese and North American markets, combined with rising manufacturing costs aimed at enhancing product quality, were significant issues. Additionally, the unexpected strength of the Yen posed a challenge, as the favorable exchange rates negatively impacted profits from international sales.
However, not all news was bleak. Sales in Europe showed a slight increase, and sales in China rose by 24 percent compared to the previous year. Mazda’s crossover models, including the CX-3, CX-4, CX-5, and CX-9, performed well, along with strong sales for the latest MX-5.
Looking ahead, Mazda intends to broaden its SKYACTIV lineup by introducing its 2.5-liter direct-injection turbo engine to a wider array of vehicles. North America is set to receive a diesel variant of the CX-5 later this year, while Japan will see the launch of the CX-8, which is a three-row crossover. Furthermore, Mazda will standardize its driver assist safety system, i-ACTIVSENSE, across all vehicles sold in Japan.
Mazda is optimistic about offsetting some of its losses in the current fiscal year. The automaker expects a more favorable exchange rate against both the dollar and British pound, and anticipates a recovery in sales within Japan and North America. In response to last year’s financial challenges, Mazda has been strategizing and preparing for future advancements. The first quarter report, due in about three months, will provide insights into whether these plans are on track.
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