Video - Toyota, Honda, and Nissan Talk Losses at Chinese Auto Show


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Toyota, Honda, and Nissan Talk Losses at Chinese Auto Show

At the Guangzhou Auto Show, Japanese car makers are admitting to a bad year. With a slumped Chinese car market, and violent anti-Japanese protests, Japanese car sales have plummeted. Even so, Mazda's China chief, Noriaki Yamada, predicted sales would be back to 'business as usual' by the end of March. [Noriaki Yamada, President of Mazda China]: "So far this year Mazda China sales have unfortunately been lower than those of last year due to a sluggish market and the (other) circumstances." An overall market slump has generally stunted the growth of car sales in China. In 2010, sales surged 35 percent but grew just 2.5 percent last year due to the sluggish economy. This year the market is expected to grow about 5 percent. But Japanese car sales have been particularly battered after widespread anti-Japanese protests throughout September. Demonstrators called for a boycott of Japanese goods and damaged Japanese cars. Nissan Motor Co, Honda Motor Co, Toyota Motor Corp, and Mazda Motor Corp have been counting the cost of lost sales. Demand for leading Japanese car brands in China virtually halved last month. Japanese firms saw their market share plummet to 17 percent from 19 percent at end-August. Blaming the China impact, Nissan cut its full-year net profit forecast by a fifth. Out of the three, Nissan is the most exposed in China. Honda also revised down its forecasts for the year by 20 percent. Toyota managed to increase its annual profit forecast, but it's less exposed to ...

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