Jiji Press TOKYO (Jiji Press) — Four of seven major automakers logged year-on-year growth in their group net profits for April-June, thanks chiefly to strong vehicle sales.
The industry is bracing for uncertainty ahead, concerned about possible tariffs on imports of vehicles and auto parts being considered by the administration of U.S. President Donald Trump.
In the fiscal first quarter, Toyota Motor Corp.’s net profit rose 7.2 percent from a year before to ¥657.3 billion, reflecting cost-cutting efforts.
Honda Motor Co. saw its net profit jump 17.8 percent to ¥244.3 billion, thanks to strong automobile and motorcycle sales.
Suzuki Motor Corp.’s net profit surged 31.3 percent to ¥85.9 billion, led by strong vehicle sales in India.
Mitsubishi Motors Corp. logged a net profit of ¥28.1 billion, up 22.7 percent, reflecting sales growth in Southeast Asia.
Subaru Corp.’s net profit dived 44.8 percent to ¥45.4 billion, weighed down by weak vehicle sales in Japan and abroad as well as a series of product quality scandals.
Mazda Motor Corp.’s net profit plunged 43.6 percent to ¥20.6 billion, pressured by rising incentives in the United States.
Nissan Motor Co.’s net profit fell 14.1 percent to ¥115.8 billion, due partly to inventory adjustments in the United States.
For the full fiscal year ending next March, six of the seven makers, excluding Honda, kept their earnings forecasts unchanged, reflecting concerns over the U.S. tariffs.
Toyota and others that rely on exports to the United States for profits are paying close attention to moves by the Trump administration.