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Thursday, 29th October 2009
In Business In Japan,

Japanese car firms in the red

Japanese car manufacturers Mazda and Mitsubishi have both reported net losses for the first six months up to September of this year.

Mazda, which is the fourth largest car maker in Japan, revealed a net loss of almost 21 billion yen in the first six months of this year.

A year earlier, the firm made 29.5 billion yen in the same period.

In total, the company sold 577,000 vehicles around the world up to September this year, which is a fall of 18 per cent compared to sales in the first six months of 2008.

Mitsubishi also posted results down on last year's performance, with its first-half net loss standing at 36.40 billion yen.

Last year, the car marque made a profit of 12.77 billion yen in the same period.

The global car industry has been one of the sectors most badly hit by the impact of the economic downturn, as people cut down on their spending on luxury items such as vehicles.

Written by Mark Smith.