TOKYO — Japanese automakers doing well in North America booked record net profits in the April-June quarter while others reliant on markets elsewhere saw profit declines, their earnings releases show.
All seven major automakers announced quarterly results by Tuesday. Toyota Motor, Nissan Motor and Fuji Heavy Industries — the company behind the Subaru brand — achieved those profit records on brisk North American sales and the weak yen. But Suzuki Motor and Mitsubishi Motors, focused on the domestic and Southeast Asian markets, saw decreases, as did Mazda Motor, strong in Europe.
The combined net profit of these six plus Honda Motor rose 14% on the year to around 1.16 trillion yen ($9.27 billion), a record for the quarter. Honda’s profit climbed 20% based on the international accounting standards it adopted from this fiscal year.
New-auto sales in the U.S. this year are seen reaching 17 million for the first time in 14 years, propelled by robust consumer spending and cheap gasoline. The popularity of high-margin models like the Toyota Highlander sport utility vehicle contributed to strong earnings from North America. Fuji Heavy, whose North American sales total 70% of its global revenue, saw profit soar 61%.
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