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Mazda's first-quarter profit slumps on weak sales in U.S. and China

TOKYO — Mazda reported a 79% drop in quarterly operating profit, falling significantly short of estimates, as it continues to struggle with declining U.S. and Chinese sales, while a strengthening yen also cut into its bottom line. Operating profit at JapanÂ’s No.5 automaker was 7.0 billion yen ($64 million) in the first quarter ended June, versus around 33 billion yen a year ago and less than half of an average forecast for 18.5 billion yen from analysts polled by Refinitiv. Mazda, however, reiterated its forecast for a 33% rise in operating profit to 110 billion yen in the year ending March. ThursdayÂ’s profit announcement marks MazdaÂ’s poorest first-quarter operating performance since the June 2012 quarter. The automaker has been struggling with falling demand for its cars over the past year or so, while it is also recovering from flood-related damage to its factories in Japan that led to a quarterly loss in the July quarter of 2018. The Nikkei business daily on Wednesday had reported that operating profit at the company would fall around 70% for the quarter due to lower sales in the United States. Mazda posted global sales of 353,000 units for the quarter, down 12% from a year ago. Its sales in the United States, its biggest market, fell 15% to 68,000 units, while in China, Mazda sold 54,000 vehicles, down 21% on the year. A trade war between the top two economies and slowing growth in China, the worldÂ’s biggest auto market, have prompted a broad-based sales downturn in the global auto sector. Automakers are grappling with easing demand for cars just as they must invest heavily in new technologies including electric cars, autonomous driving technologies and ride-sharing services to survive a major industry shift away from car ownership. Many of MazdaÂ’s rivals at home and abroad have been reporting disappointing quarterly results, with Nissan and Ford also announcing job cuts and possible plant closures earlier this month. The United States is a key source of revenue for Mazda, but it imports all its vehicles sold there, exposing it to a threatened hike in U.S. tariffs on imported cars from Japan. To limit its vulnerability to possible tariffs and currency fluctuations, Mazda is investing in a new plant in the U.S. state of Alabama, a joint project with Toyota.

Weekly Recap: GM plans massive new paint shop at Chevy Corvette factory

General Motors is laying out some serious green to maintain the Chevy Corvette's expansive color palette. The automaker is breaking ground on a new paint shop this summer that's part of a $439-million investment to upgrade the 34-year-old Bowling Green, KY, factory that builds the Stingray. The massive new structure will total 450,000 square feet, nearly half the size of the current 1-million square-foot facility. Construction is expected to take two years and won't impact Corvette production. The upgrades include new robots that save paint and create a better finish, longer, more efficient ovens to bake in the finish, and LED lighting. There's also a dry scrubbing booth technology with a limestone handling system that eliminates waste. GM has invested $135 million in the factory in last four years for the changeover to build the C7 and to relocate its Performance Build Center to Bowling Green. The improvements continue to modernize the Kentucky factory, which has become a tourist attraction in its own right, as more than 56,000 enthusiasts visited it last year. The upgrades are part of a $5.4-billion investment GM confirmed in April that will remake its US footprint in the next three years. The Bowling Green expansion underscores GM's continued commitment to the Corvette, which sold nearly 38,000 copies around the world last year, an eight-year high. "With this major technology investment, we can continue to exceed the expectations of sports car buyers for years to come," North American manufacturing manager Arvin Jones said in a statement. OTHER NEWS & NOTES Takata recall hits 34 million vehicles The National Highway Traffic Safety Administration expanded the Takata airbag recall to an almost unthinkable 34 million vehicles on Tuesday. The recall is part of an agreement reached by the two sides where Takata admitted some of its airbag inflators have a defect, and the deal compels the company to comply with all future regulatory actions and investigations. Takata's airbag inflators were produced with "a propellant that can degrade over time" and lead to ruptures, NHTSA said. Six deaths have been attributed to the flaw worldwide. Investigations conducted by Takata, automakers, and others have not determined the exact cause of the inflator problem, but NHTSA said moisture appears to alter the propellant's chemical structure. It then ignites too rapidly, creates too much pressure that ruptures the inflator, and blasts shards of metal at passengers.

Hiss off! Venomous snake takes refuge in Australian man’s engine bay

A man who went out for a walk in suburban Sydney got quite a surprise when he returned to his red Mazda. Left on his windshield was a hand-written note warning him that a venomous red-bellied black snake had taken up residence in his car. "Hi," the note read, "this afternoon a red Belly slithered up into your front left tyre. Please be careful." The snake is a native of wet areas of eastern Australia that can grow up to 2.5 meters (about 8 feet), making it one of Australia's largest venomous snakes. They're considered dangerous, but shy, unlikely to bite unless severely agitated. When Michael Garbutt popped the hood, he found the snake coiled up inside in the corner. "To say I was shocked is an understatement," he told The Sydney Morning Herald. "On reflection I don't think I would have put my hand out to pop the bonnet if I had known it was there." So he took to Google to look for a local snake wrangler and found Andrew Melrose, of Shire Snake Catchers. By the time he arrived, the snake had moved down into the engine. Then it moved behind the wheel guard, and then under the engine to the front bumper, then back to the right front wheel. Melrose said he coaxed it out by gently touching its body. "I've done it my whole life," he said. "It looks simple but if you haven't done it before you can get killed real quick." In the end, Melrose ended up grabbing the snake from the ground outside of the car and dropping it in a bag. The whole de-snaking process took about an hour. Melrose said the snake is common on the swampy peninsula area where it was found, since it finds plenty of frogs, eels and other creatures to eat. He says it's common to find them in cars. "If they get startled they look for the first place that is safe," he said. "The place I found it was very bare. There was no place for the snake to escape. People would have startled it and the only place for it to hide was the car. The driver could have driven off unaware and parked and the snake would have left the car when it felt safe." So let this be a lesson for you, Autoblog readers: familiarize yourself with your local venomous snakes. And keep the number of your local snake wrangler handy at all times. Or just don't move to Australia.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Unknown Auto News Weird Car News Mazda snake