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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.

Alfa Romeo takes Spider in-house, Mazda-Fiat roadster partnership not dead

It's officially off. Following a report in March of this year that the marriage of Mazda and Alfa Romeo to produce a MX-5-based Spider was in trouble, the Italians have confirmed that it will take development in-house. "As far as the Spider goes, the final version is of course no longer the two-seater FCA co-developed with Mazda but a derivative of Project Giorgio," Maserati and Alfa Romeo brand boss Harald Wester told Car. For those not in the know, Project Giorgio is Alfa's codename for the rear-drive platform that will underpin the next-generation Spider, not to mention the replacement for the 159 sedan and a few other products. All is not lost for the Japanese-Italian partnership, though. "The Far East import will probably find a new home with Fiat-Abarth," Wester told Car. Yes, you read that correctly, Mazda is still working with FCA, and the result will eventually end up with Abarth's scorpion badge. If anything, we're more excited over this news than the idea of an Alfa MX-5. But we want to know what you think – would you rather Alfa build a new Spider on the Miata's bones, or does an MX-5 Abarth sound like more fun? Have your say in Comments.

Mazda creates reproduction parts program for North American MX-5 Miata

In 2017 Mazda announced a restoration program for the MX-5 Miata in Japan. The good news was that owners of Miatas that looked like they'd been thoroughly enjoyed for decades could get their convertibles returned to as-new condition. The bad news is that the program was a trial for "quality verification," and only open to the Japanese market. At the time, Mazda Japan said it was "considering re-supply of parts that became discontinued" for the first-gen NA series produced from 1989 to 1997. In February this year, the carmaker's then-CEO revealed that "Our fans can be reassured that additional parts, identified by owners and specialty shops, will become available by June of this year." The time has come, Mazda North America announcing a reproduction parts program for first-gen Miatas with a catalog of more than 1,100 new and legacy components.  The automaker says it spoke to Miata clubs and shops to determine which parts were needed most. Among this first salvo will be a fabric soft top using the same rear screen material from the NA series, roller mechanism for the side windows, brake calipers, and a set of aluminum Enkei wheels in the original design that are lighter and boast a better finish. Perhaps even better are the arcane OEM parts that can be desperately hard to source for era-appropriate restorations, like grommets, bolts, gas shocks and the "Roadster" badge that's an eBay go-to (called a "Mascot" on the parts list). Each piece has been redeveloped to take advantage of modern materials and build techniques while maintaining the look of the period-correct original.  The parts list PDF runs to 42 pages. Anyone with a TLC-starved Miata in the garage, the love your jinba ittai droptop has been waiting for is here.