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Mazda seeks $2.8 billion in loans to ride out pandemic

TOKYO — Mazda has sought loans totaling about 300 billion yen ($2.8 billion) from Japan's three megabanks and other lenders to ride out the coronavirus epidemic, a source with direct knowledge of the matter said on Saturday. The megabanks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — along with the Development Bank of Japan, Sumitomo Mitsui Trust Holdings and others are set to agree, with some already having extended the loans, the person said, declining to be identified because the information is not public. All three megabanks declined to comment on the loan request, which was reported by the Nikkei business daily earlier. Mazda did not immediately respond to a request for comment.    Mazda, like most other automakers, has reduced or halted production at factories around the world for the past few months as governments try to limit the spread of the new coronavirus.     Mazda's car sales and balance sheet had been weak even before the virus slammed the brakes on demand, with its interest-bearing debt of 650 billion yen far exceeding its cash and cash equivalents, according to the Nikkei.    Mazda is scheduled to announce its financial results for the year ended in March on Thursday. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2019 Mazda3 Press Conference In 15 Minutes

2016 Mazda CX-5 recalled to address failing DRLs

Mazda announced Tuesday that it will recall more than 35,000 examples of the 2016 CX-5 crossover to address an issue that may lead to deterioration or failure of its LED daytime running lights.  In affected models, the gasket used to seal the wiring harness to the LED module was not manufactured to Mazda's specification. As it degrades over time, it can release sulfur, which in turn can potentially corrode the LED control circuit, causing the LEDs themselves to flicker, illuminate poorly or even fail outright.  Per Mazda, there is no alert for this condition, so drivers can potentially lose daytime running light function without realizing it, leaving them tougher to spot in poor light.  The campaign will cover 36,761 CX-5s sold in the U.S. and U.S. territories. Mazda says no accidents or injuries related to the issue have so far been reported.  This new campaign has not yet been published in the National Highway Transportation Safety Administration (NHTSA) recall database, and Mazda's statement did not include details of the proper remedy for the issue or when customers can expect to be contacted to arrange for service.  We expect that all 2016 CX-5s with LED DRLs will receive new harness gaskets and that those showing signs of LED module corrosion will have those replaced as well.  The 2016 CX-5 has been the subject of four other recall campaigns — including one for an improperly torqued steering knuckle bolt and another for a defective fuel filler pipe — but this is the first  new campaign for that model year since 2016.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.    

Mazda will introduce a groundbreaking new diesel engine in 2020

Mazda is preparing to introduce its first series-produced electric car, but it's not sending the diesel engine to the automotive graveyard. The company remains committed to turbodiesel technology, and it will take its efficiency to the next level when it introduces a new range of engines in 2020. "We are sticking to diesel engines. In 2020, we have a new approach to diesel engines. We will show you how clean and very efficient diesel engines can be," pledged Christian Schultze, the head of research and development for Mazda's European division, in an interview with British magazine Autocar. He declined to provide specific details about the breakthrough that made a cleaner, more efficient diesel engine possible. Asked about how the engine compared to SkyActiv-X, the carmaker's newest and most innovative gasoline-powered engine, he pointed out "there are not so many differences between [gasoline] and diesel." His announcement falls in line with Mazda's belief that it's crucially important to consider real-world emissions over the life cycle of a car, not just local emissions. The company has realistically stated the internal combustion engine -- whether it burns gasoline or diesel -- will "continue to be the base power for 85 percent of all cars up until 2035." It might join forces with a 48-volt electrical system, or it might be part of a plug-in hybrid drivetrain, but it will still be around in 15 years. To that end, it's important to keep improving the technology, and not to prematurely pen its obituary.  "We hope governments wake up and see that electrification is one way but there are others, too," Schultze concluded, adding that SkyActiv-X is a step in the right direction. Mazda will release more details about its next turbodiesel engine in the coming months, but it's too early to tell whether it will available in the United States, where demand for oil-burning cars has hit rock bottom. As of 2019, the only diesel-powered Mazda sold in America is an upmarket variant of the CX-5 (pictured). Auto News Mazda Diesel Vehicles