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Toyota, Mazda form electric car technology venture

TOKYO — Toyota has established a new venture to develop electric vehicle technology with partner Mazda, seeking to catch up with rivals in an increasingly frenetic race to produce more battery-powered cars. Policymakers in key markets like China are pushing a shift to electric cars over the next two to three decades, while relatively new rival Tesla is gaining momentum and diesel cars are going through the fallout of the Volkswagen diesel scandal, pressuring traditional automakers to crank up plans for fully electric vehicles (EVs). At the same time, declining battery costs are enabling more power to be packed into cars, making an electric car future easier to imagine. Toyota said in a statement the new company will develop technology for a range of electric cars, including mini vehicles, passenger cars, SUVs and light trucks. Toyota will take a 90 percent stake in the joint venture, called EV Common Architecture Spirit Co Ltd, while Mazda and Denso Corp, Toyota's biggest supplier, will each take 5 percent. The plans build on a partnership announced in August when Japan's biggest automaker agreed to take a 5 percent stake in Mazda and two said they would jointly develop affordable electric vehicle technologies. Although Toyota is providing most of the financial firepower and existing EV know-how, Mazda's engineers have gained the admiration of the industry with breakthrough technologies such as its compression ignition engine announced last month. Shares in Mazda surged to end the day 3 percent higher, while those in Denso rose 1.8 percent. Toyota shares were flat. Both automakers are somewhat behind rivals, with neither having a fully electric passenger car on the market yet. After years of focusing on bringing hydrogen fuel cell vehicles to the market, Toyota last year set up a division to develop electric cars which is led by President Akio Toyoda, and said it plans to introduce EVs in China in the coming years. Toyota has also announced it will bring a game-changing solid-state EV battery to market by 2022. That division would continue as a separate entity from the new joint venture, a Toyota spokeswoman said, while adding that the two teams would co-operate on technology development. Mazda has an R&D budget a fraction of Toyota's, which has made it difficult to develop electric cars on its own. Even so, it has said it plans to launch EVs in 2020.

2020 Mazda3 hatchback starts at $24,620, a $100 increase

Car and Driver got the scoop on some 2020 Mazda3 pricing, and anyone waiting for the new model year had better bring more money. The Mazda3 sedan goes up by $500 to $21,500. After the $920 destination charge, that's a total of $22,420. On the sedan, however, the extra dosh pays for extra equipment. Every sedan trim gets Mazda's i-Activsense driver assistance tech, meaning adaptive cruise control, automatic emergency braking, blind-spot monitoring, lane-keep assist, and lane-departure warning. The i-Activsense suite had been an option the sedan's entry-level trims. The Mazda3 sedan in Select guise, one step above the entry-level model, increases $100 to $23,620. Starting price for the front-wheel drive 2020-model-year hatchback comes in at $24,620 after destination. C/D says that's a $1,020 bump, but we believe that figure is an error. Based on the fact that Mazda's U.S. pricing rounds off to the nearest hundred and destination is $920, it seems more likely the $24,620 price includes destination. In that case, the 2020 Mazda3 hatch only goes up by $100. The five-door models don't get any more equipment, but Mazda say's there's a new finish for the wheels on the top-tier Premium trim. All other trims hold steady. The 2.5-liter four-cylinder with a square 186 horsepower and 186 pound-feet of torque remains the sole engine option, a six-speed automatic is the standard transmission on all trims, the hatchback in Premium form offering a six-speed manual option. Buyers of the entry-level sedan are stuck with front-wheel drive, while every other trim offers all-wheel drive for $1,400. The sedans should hit dealerships this month, and the hatchbacks will roll in come September.

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.