Japan Time 07:02 24 Jan 2018
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Japanese automakers rack up across-the-board profit growth 11-08-2014

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All seven of Japan's big automakers posted higher net profits for the April-June quarter, overcoming the initial blow from a Japanese sales tax hike and a loss of thrust from a weak yen. Their combined earnings rose 17% on the year to 1.01 trillion yen ($9.74 billion), topping 1 trillion yen in a single quarter for the first time. Toyota Motor led the pack with 587.7 billion yen, followed by Honda Motor at 146.5 billion yen and Nissan at 112.1 billion yen. Mitsubishi Motors brought up the rear at 28.1 billion yen. Gains ranged from 5% at Toyota all the way up to 800% at Mazda Motor. Toyota topped the revenue column at 6.39 trillion yen. Honda trailed at 2.98 trillion yen, followed by Nissan at 2.46 trillion yen. The automakers' strength flowed from developed markets, such as the U.S., where historically low interest rates underpinned robust new-car sales. Nissan's North American sales climbed 13%, while Subaru maker Fuji Heavy Industries' rose 6%. Mazda Motor saw growth of more than 20% in Europe, where auto sales are showing signs of life again. In Japan, business had been expected to drop off after the April 1 consumption tax increase, which brought forward big-ticket spending. Five of the seven automakers did suffer sales declines. But the industry seems to have emerged from the first quarter relatively unscathed. Nissan's domestic sales fell only 0.5%. Honda Executive Vice President Tetsuo Iwamura called the impact of the tax hike "minimal." Honda's domestic unit sales actually rose in the quarter, thanks in part to the release of a new Fit. Suzuki also enjoyed volume growth at home. - See more at:
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