Mazda's record profits in 2013 due to success of SKYACTIV models

Overseas activities focused around Mexico, Thailand and Malaysia



Mazda's consolidated results

Mazda's light vehicle production forecast
Successful SKYACTIV models contribute sales growth

 Mazda's global unit sales for the fiscal year ended March 2014 (FY 2014) climbed 7.8% year-over-year (y/y) to 1.33 million units. The sales increase was led by the vehicles with its new-generation technology, "SKYACTIV," which strives for improvement of driving and environmental performance as well as reduction of production cost. Among the SKYACTIV models, sales of the CX-5 and Mazda 6 (sold as the Atenza in Japan) remained strong, while the new Mazda3 (sold as the Axela in Japan) was successfully released in the world. As a result, SKYACTIV models accounted for 51% of the total unit sales.

Operating profit increases 3.4 times in FY 2014

 Mazda's consolidated sales for FY 2014 rose by 22.1% y/y to JPY 2,692.2 billion, and consolidated operating profit hit a record high of JPY 182.1 billion, an increase of 3.4 times y/y. Mazda posted net losses for four consecutive terms from FY 2009 to FY 2012. With the aim of recovering profitability, the automaker has implemented the Structural Reform Plan to promote "business innovation by SKYACTIV TECHNOLOGY" and "cost reduction through adoption of the common architecture across different models." Mazda's effort to promote the structural reform plan has been yielding results.

Another record high profit expected for FY 2015

 Among the factors for improved operating profit for FY 2014, exchange fluctuations boosted profit by JPY 112.7 billion, while sales increase of SKYACTIV models delivered an increase of JPY 55 billion. On the other hand, according to Mazda's financial outlook for FY 2015, exchange fluctuations will reduce operating profit by JPY 3 billion, although expanded sales of SKYACTIV models will add JPY 60 billion. As a result, operating profit for FY 2015 is expected to set another record high at JPY 210 billion.

Enhancement of production bases in Mexico, Thailand and Malaysia

 Mazda has a mid- and long-term plan to enhance overseas production capacities to build production bases which minimize the effect of exchange fluctuations. Mazda also aims to globally distribute SKYACTIV models at competitive prices. The company is scheduled to start full-scale operations of the new Mexico plant which will build vehicles for the Americas and Europe. In Thailand, a new transmission plant will be constructed, while production capacity is expected to be raised in Malaysia.


Related Reports:

Mazda: SKYACTIV contributes to CX-5 and Mazda6 profitability (Apr. 2013)
Mazda: "Monotsukuri Innovation": Cost improvement through innovative manufacturing of vehicles (Apr. 2012)

Structural Reform Plan Target: global sales of 1.52 million units for FY 2016

 In February 2012, Mazda announced targeted business indices for FY 2016 when the Structural Reform Plan is scheduled to be completed. In response to changing external environment including concern about the outlook for emerging countries and correction of the yen appreciation, the automaker revised those indices in April 2014 as shown below. The target for operating profit was revised upwardly and that for operating return on sales was raised to 7% or more. However, the global sales volume target was reduced to 1.52 million units due to delay in launching SKYACTIV models in China and other Asian countries.

 Mazda will continue to carry out four initiatives of the Structural Reform Plan described below as its mid- and long-term business strategy.

Revision of business indicators for FY 2016 (April 2014)

Announced in February 2012 Revised in April 2014
Global unit sales 1.7 million units 1.52 million units
Consolidated operating profit JPY 150 billion JPY 230 billion
Consolidated operating return on sales 6% or more 7% or more
(Assumed exchange rates) JPY 77/USD 1, JPY 100/EUR 1 JPY 100/USD 1, JPY 135/EUR 1

Source: Mazda's financial results Apr. 25, 2014.


Four initiatives of the Structural Reform Plan: mid- and long-term business strategy

(1) Business Innovation by SKYACTIV TECHNOLOGY  To continue sales at net prices; to increase unit sales; to expand line-ups; to improve competitiveness; to enhance advertising activities; and to accelerate brand strategy.
(2) To accelerate further cost improvement through Monotsukuri Innovation (adoption of common architecture across different models)  To improve efficiency of R&D/capital spending through "Integrated Planning"; to continue cost improvements for new products; and to promote optimized global sourcing.
(3) To reinforce business in emerging countries and establish a global production footprint to start full-scale operations of the Mexico plant and increase its production capacity; to launch automatic transmission plant in Thailand; and to expand production in Russia and Malaysia.
(4) To promote global alliances * Toyota licensed Mazda to use hybrid system technology. Mazda will produce a Toyota-brand vehicle based on the Mazda2 at Mazda's Mexico plant. * Under the agreement with Fiat, Mazda will produce an Alfa Romeo-brand open-top two-seater sports car based on the Mazda Roadster/MX-5 at Mazda's Hiroshima plant. * Mazda supplies Nissan with the Premacy including its SKYACTIV model. * In Indonesia, Suzuki supplies Mazda the locally-produced Ertiga, a three-row MPV.



Trends in major markets


Mazda's sales by region Unit sales in Japan for FY 2014 increased 13.0% y/y to 244,000 units. The SKYACTIV models led overall sales: the new Axela launched in October 2013 received far more orders than expected; the CX-5 was the best-selling SUV in Japan for the second consecutive year; and sales of the Atenza and face-lifted Premacy and Biante minivans equipped with SKYACTIV engines and transmissions remained strong.

 Among the CX-5s sold in Japan, 80% were powered by diesel engines. Along with the new Axela and Atenza, which also come with the same diesel engines, the CX-5 is leading the expansion of the Japanese market for passenger cars with clean diesel engines

Mazda's global unit sales

(in thousands of units)
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 (Plan)
Japan 256 219 221 206 206 216 244 230
North America 406 347 307 342 372 372 391 440
Europe 327 322 239 212 183 172 207 220
China 101 135 196 236 223 175 196 230
Australia, ASEAN, etc. 273 238 230 277 263 300 293 300
Total 1,363 1,261 1,193 1,273 1,247 1,235 1,331 1,420

Source: Mazda's financial results Apr. 25, 2014. (Note) FY 2014 indicates the fiscal year ended March 2014.


Unit sales by model in Japan (calendar year)

2009 2010 2011 2012 2013 Jan.-Apr. 2013 Jan.-Apr. 2014
Atenza 7,397 7,105 4,584 5,222 22,388 8,473 5,415
Axela 26,761 26,704 18,935 16,282 17,991 4,707 19,517
RX-8 1,515 964 938 1,848 289 256 1
MPV 7,033 6,239 4,910 3,016 1,563 721 307
CX-7 573 642 568 33 1 1 0
CX-5 - - - 35,438 38,520 12,769 12,916
Premacy 15,204 25,564 20,434 15,234 17,778 6,677 5,726
Roadster 1,947 1,112 1,082 939 758 324 259
Biante 10,864 11,909 9,656 8,741 8,490 1,930 2,959
Demio 55,603 65,949 61,736 57,820 43,573 18,010 14,120
Verisa 10,163 10,610 7,575 6,217 4,227 1,755 1,345
Commercial vehicles and others 17,986 17,004 14,034 14,965 14,525 4,785 5,458
Non-mini vehicles total 155,046 173,802 144,452 165,755 170,103 60,408 68,023
Mini vehicles total 49,249 49,945 45,473 52,606 57,986 19,796 24,733
Grand total 204,295 223,747 189,925 218,361 228,089 80,204 92,756

Source: Japan Automobile Dealers Association, Japan Light Motor Vehicle and Motorcycle Association


North America, Europe, China and Other markets (Australia, ASEAN, etc.)

Trends in overseas markets

North America  Sales volume in North America for FY 2014 rose by 5.1% y/y to 391,000 units. Sales in the U.S. amounted to 284,000 units, up 4.0% y/y. The CX-5 and Mazda6 continued to contribute to sales growth. For the latter half of FY 2014, non-fleet sales of the new Mazda3, which was released in October 2013, increased y/y, while incentives on the model have been reduced. Sales volume in Mexico registered a record high of 33,000 units.
Europe  Sales volume in Europe for FY 2014 grew 20.3% to 207,000 units. Unit sales increased in Germany, Russia and the UK, while the overall demand in Europe remained the same as the previous year. Sales growth was led by the SKYACTIV models.
Russia: In April 2013, Mazda Sollers Manufacturing Rus, a joint venture between Mazda and Sollers, started production of the Mazda6 at its plant in Vladivostok. This plant began operations in October 2012 to produce the CX-5. Its annual production capacity was 50,000 units at the time of start-up and is expected to be doubled to 100,000 units in the future.
China  Sales volume in China for FY 2014 climbed 12.0% y/y to 196,000 units, led by the locally produced Mazda6 and CX-5. Mazda continues to run its brand advertisement featuring the new design theme "KODO" and SKYACTIV TECHNOLOGY. The number of dealers rose to 435 at the end of March 2014, up by 39 since the end of March 2013.
Changan Mazda Automobile: In November 2012, Changan Ford Mazda Automobile, a three-company joint venture, was restructured into two separate joint ventures: Changan Mazda Automobile and Changan Ford Motor Automobile. Changan Mazda Automobile, which inherited the Nanjing plant, started production of the CX-5 and new Mazda3 in July 2013 and April 2014, respectively. Changan Ford Mazda Engine plant, which continues to be a three-company joint venture, began production of SKYACTIV-G engines in June 2013.
FAW Car: In April 2013, FAW Car, a Chinese vehicle assembly company in Changchun, started production of the new Mazda6 under contract with Mazda. After this, Mazda continue to build and sell the first-generation Mazda6 which is still popular in China.
Other markets  Sales volume in other markets in FY 2014 fell by 2.3% y/y to 293,000 units as sales in Thailand declined due to political unrest. Australian market remained strong.
ASEAN Indonesia: In May 2013, Suzuki started to supply the Ertiga to Mazda. Mazda released the model as its new model, the VX-1. The Ertiga is a three-row MPV produced in Indonesia by Suzuki.
 Vietnam: In July 2013, Vina Mazda, Mazda's local production and sales company, started production of the Mazda6. In the same month, Mazda began exporting the Mazda2, Mazda3 and CX-5 from Vietnam to Laos. The company will export them to Cambodia and Myanmar as well in the future. In total, Mazda plans to export 3,000 units per year from Vietnam in 2014.
 Cambodia: In August 2013, Mazda's first dealer opened in Phnom Penh, the capital of Cambodia. Vehicles are imported from Thailand and Japan.
Myanmar: Mazda decided to reenter the Myanmar market during the first half of 2014. The automaker, thereby, will distribute its vehicles in all of the ten ASEAN member countries.
Thailand: In March 2014, AutoAlliance (Thailand) began production of the new Mazda3. The model was launched in the Thai market in the same month. Mazda also said that it is considering joining the Thai government's Eco-Car Phase 2 Program (The company did not participate in the Phase 1.) The Mazda2 is likely to be produced under the Eco-Car Program (reported in March 2014).
Other countries South Africa: Mazda established Mazda Southern Africa (MSA), a local sales headquarters, in July 2013 and will start its operations in July 2014. MSA will take over all of Mazda-related operations from the Ford affiliate which is currently distributing Mazda vehicles. With 600,000 vehicles sold per year, South Africa is the biggest automotive market on the African continent.
Taiwan: In November 2013, Mazda announced that it will establish a new local sales headquarters and start its operations during the first half of 2014. Thus, 15-year cooperation between Mazda and Ford in distribution in Taiwan will be terminated. The Mazda3 and Mazda5 for the Taiwanese market, however, will continue to be produced by Ford Lio Ho Motor.
Colombia: In May 2014, Mazda announced that it discontinued assembly of Mazda vehicles at its production subsidiary in the country. Mazda used to assemble several thousand vehicles per year including the BT-50 pickup truck in Colombia. However, it decided to import them from Japan and Mexico to take advantage of Colombia's Free Trade Agreements.



Model plan: New Demio previewed in HAZUMI concept car

Mazda's model plan (Fall 2013-2015)

Model Launch Descriptions
New Axela/Mazda3 Nov. 2013 This is the third model which fully adopted SKYACTIV TECHNOLOGY and the KODO - Soul of Motion design theme. This compact sedan/five-door hatchback is Mazda's leading model. It is the first Japanese OEM's model that comes with three types of powertrains including a gasoline engine, diesel engine and hybrid system.
From a variety of engine types including 1.5 to 2.5-liter gasoline and a 2.2-liter diesel engines, the most suitable engine line-ups will be chosen for each market. In Japan, the Axela sedan comes with a hybrid system. Mazda's first hybrid system was licensed by Toyota.
The new Axela/Mazda3 features i-ACTIVSENSE advanced safety technologies which is mounted on the flagship Atenza. These technologies include active safety systems that help avert collisions and pre-crush safety systems which reduce risks and damages of collisions. The new car connectivity system, "MAZDA CONNECT," was also installed for the first time. This system offers the convenience and fun of new communication devices including a smart phone in a safe manner suited for onboard usage.
Flair Crossover Jan. 2014 This is a mini SUV with a function of a mini wagon and Mazda's version of the Suzuki Hustler. The model features a spacious cabin as well as a distinctive design. It boasts of a fuel efficiency of 29.2 km/l in JC08 mode.
New Demio/Mazda2 Fall 2014 This is a five-door subcompact hatchback. It was reported that the model will be based on the HAZUMI concept car that was showcased at the Geneva Motor Show in March 2014. HAZUMI fully adopts SKYACTIV TECHNOLOGY and the KODO - Soul of Motion design theme. The concept car is also equipped with SKYACTIV-D 1.5, a newly developed 1.5-liter diesel engine.
New Roadster/MX-5 2015 This is an open-top two-seater sports car. Mazda unveiled the newly developed SKYACTIV-Chassis to be used in the next Roadster/MX-5 at the New York Auto Show in April 2014. The new Roadster/MX-5 will be the first SKYACTIV model which features a front mid-ship engine, rear-wheel-drive layout. Mazda aims to reduce the overall weight of the new model by more than 100 kg compared to the current model.
Based on this front mid-ship engine, rear-wheel-drive architecture, Fiat will develop a new model under its Alfa Romeo brand. The model is scheduled to be manufactured at Mazda's Hiroshima plant starting in 2015. Mazda and Fiat will develop their models in different designs and install their respective engines (announced in January 2013).
Compact SUV 2015 This compact SUV is assumed to be slightly smaller than the CX-5. It will adopt the new Demio's platform as well as SKYACTIV-D 1.5, a new 1.5-liter diesel engine.



Production capacities for SKYACTIV powertrains to be expanded in Japan and Mexico

 In FY 2014, Mazda manufactured 77% of its all vehicles in Japan and exported 81% of the vehicles produced in Japan. Although appreciation of the yen has been corrected, Mazda has a mid- and long-term plan of expanding production bases to minimize the effect of exchange fluctuations. It also plans to distribute SKYACTIV models globally at competitive prices. Thus, while the company maintains its assembly capacity in Japan, it will enhance overseas production capabilities.

 In Japan, to meet growing global sales of SKYACTIV models, Mazda plans to increase its annual production capacity of SKYACTIV engines from 800,000 to 1 million units and that of SKYACTIV transmissions from 750,000 to 1.14 million units. Among other countries, Mazda started operations of a new plant in Mexico in January 2014. A new engine machining plant will be added to manufacture SKYACTIV engines in Mexico. In Malaysia, Mazda began building a new vehicle assembly plant to strengthen its production capabilities in the country. Meanwhile, a new automatic transmission plant with an annual capacity of 400,000 SKYACTIV transmissions will be constructed in Thailand.

Mazda's global production volume

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Japan 1,046,948 899,448 827,910 866,992 846,574 879,129 972,533
(Japanese share in global output) 79.0% 79.3% 72.4% 67.9% 71.4% 73.3% 76.6%
Overseas 279,042 234,707 315,594 410,502 338,372 320,712 296,763
Global production 1,325,990 1,134,155 1,143,504 1,277,494 1,184,946 1,199,841 1,269,296
Exports from Japan
Exports 825,153 742,571 649,260 719,445 653,847 702,608 790,800
Ratio of exports in production 78.8% 82.6% 78.4% 83.0% 77.2% 79.9% 81.3%

Source: Mazda Production and Sales Results (Flash Report) Apr. 23, 2014. (Note) Overseas production is based on the number of Mazda brand vehicles coming off the production line (excluding CKD units).


Mazda to increase production capacities of engines and transmissions in Japan

Plant Start of operations Descriptions
Hiroshima plant By the end of 2014 Mazda plans to enhance production capacity for SKYACTIV-G gasoline engines and SKYACTIV-D diesel engines at its Hiroshima plant in order to increase sales of SKYACTIV models (announced in August 2013). Its total annual capacity will be increased from current 800,000 to one million units. Mazda will add a highly versatile engine machining line. The company will also revamp the existing assembly line which is exclusive for inline four-cylinder engines (MZR 1.8-2.5 liter) to allow mixed production with SKYACTIV engines on the same line.
Nakanoseki district of Hofu plant By Jul. 2014 Mazda plans to increase its annual production capacity for SKYACTIV transmissions from 750,000 to 1.14 million units at its Hofu plant (announced in July 2013). The company will construct new machining and assembly lines at a building that belongs to its affiliate. SKYACTIV-DRIVE automatic transmissions and SKYACTIV-MT manual transmissions will be manufactured.


Enhancement of overseas production capacities

Plants Start of operations Descriptions
Mexico: vehicle assembly plant Jan. 2014 Mazda and Sumitomo Corporation have built their joint venture assembly plant in Mexico. This will be Mazda's most important global production base established under the Structural Reform Plan. Mazda has a 70% stake, while Sumitomo has a 30% stake in the joint venture. Total investment will amount to USD 650 million. Initially, the plant's annual production capacity was 140,000 units and will be raised to 230,000 units by FY 2016. An engine machining plant will also be constructed at the same site.
The Mexico plant started production of the Mazda3 for North America and Mexico in January and April 2014, respectively. It is slated to be fully operational in June 2014 and will operate on two shifts to produce the Mazda2. Mazda also plans to export the vehicles built in Mexico to Europe. Starting in summer 2015, Mazda is scheduled to supply compact cars based on the Mazda2 to Toyota (50,000 units per year).
Mexico: engine machining plant Oct. 2014 Mazda will additionally invest USD 120 million in the Mexico plant to construct a new engine machining plant. This plant will produce SKYACTIV engines for the Mazda2 and Mazda3 with an annual capacity of 230,000 units.
Malaysia: vehicle assembly plant for Mazda May 2014 Mazda built a vehicle assembly plant exclusively for the company at the premises of Inokom which has been assembling Mazda vehicles on a contract basis. Inokom has started production of the CX-5 for Malaysia and Thailand at the new plant. Inokom continues to be responsible for operations of the new plant. Production of the Mazda3 is slated to be transferred from Inokom's existing plant to the new plant by the end of 2014.
Mazda had already purchased the body shop, in which press-formed parts are welded, from Inokom. By building the assembly plant exclusively for Mazda, its annual production capacity in Malaysia will increase from 6,000 to 20,000 units (in one shift with normal working hours). Mazda Malaysia, a joint venture production and sales company between Mazda and Bermaz Motor, invested MYR 100 million in the purchase of the body shop and construction of the assembly plant.
Thailand: transmission plant First half of FY 2016 Mazda invested JPY 26 billion in building its second transmission plant, Mazda Powertrain Manufacturing (Thailand), following the Hofu plant in Japan. In July 2013, Mazda held the groundbreaking ceremony in Chonburi Province. The plant is scheduled to produce about 400,000 SKYACTIV-DRIVE transmissions per year. Combined with the capacity of the Hofu plant, this will raise Mazda's global production capacity of SKYACTIV transmissions to 1.54 million units per year



Operating profit for FY 2015 expected to set a new record high at JPY 210 billion

 For FY 2015, Mazda foresees that the U.S. and European economies are expected to improve gradually. Meanwhile, it predicts that the Japanese market may be hindered by the effect of the recent consumption tax hike and the outlook for the economies of the emerging countries remain unclear. Under such conditions, Mazda plans to accelerate the Structural Reform Plan to improve its financial results for the period. Sales are projected to increase by 7.7% y/y to JPY 2,900 billion, and operating profit to set a new record high at JPY 210 billion.

 Among the factors for improved operating profit for FY 2014, exchange fluctuations, namely devalued yen, boosted profit by JPY 112.7 billion, while sales increase of SKYACTIV models delivered an increase of JPY 55 billion. On the other hand, according to Mazda's financial outlook for FY 2015, exchange fluctuations will reduce operating profit by JPY 3 billion, although the effect of increased sales of SKYACTIV models will expand and add JPY 60 billion to operating profit.

Mazda's consolidated financial results

(in millions JPY)
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 (Plan)
Net sales Japan 880,100 620,300 575,000 541,500 560,200 588,000 655,700 630,000
Overseas 2,595,700 1,915,600 1,588,900 1,784,200 1,472,900 1,617,300 2,036,500 2,270,000
Total 3,475,789 2,535,902 2,163,949 2,325,689 2,033,058 2,205,300 2,692,200 2,900,000
Operating profit Ordinary profit Net profit 162,147 148,461 91,835 (28,381) (18,680) (71,489) 9,458 4,644 (6,478) 23,835 36,862 (60,042) (33,718) (36,817) (107,733) 53,900 33,100 34,300 182,100 140,700 135,700 210,000 210,000 160,000
Capital expenditures R & D cost 75,500 114,400 81,800 96,000 29,800 85,200 44,700 91,000 78,000 91,700 77,200 89,900 133,200 99,400 150,000 100,000
Average exchange rate JPY/USD 114 101 93 86 79 83 100 100
JPY/EUR 162 144 131 113 109 107 134 135


Factors for increase/decrease in operating profit

(in billions JPY)
Volume & mix Foreign exchange rate Cost improvement Marketing expense Other YoY Operating profit
FY 2013 550 1,127 220 (192) (423) + 1,282 1,821
FY 2014 (Plan) 600 (30) 100 (150) (241) + 279 2,100

Source: Mazda's financial results and presentation material Apr. 25, 2014. (Note) Volume & mix indicates operating profit resulting from the sales increase and product mix improvement of the SKYACTIV and other models. Marketing expense includes advertisement cost for new model introductions and brand enhancement. Other includes investment for the future businesses including R & D cost and launch cost for new plants.



Production Forecast by LMC Automotive: Mazda's production to rise to 1.78 million units in 2017

(LMC Automotive、April 2014)

 Mazda's light vehicle production in 2013 climbed 13% from the previous year to 1.37 million units. The increase was mainly a result of considerable increases in China and Japan. Japanese output has been bolstered by strong demand for the Axela and the CX-5, both locally and internationally. Chinese production also recovered from a drop as a result of political tensions between the two countries since November 2012. Strong demand for the CX-5 in China was behind the increased output.

 According to LMC Automotive's forecast in April 2014, Mazda's light vehicle production will continually rise after 2014 and reach 1.78 million units in 2017. Mazda's new Mexican plant started in January 2014 to produce Mazda 3 and Mazda2 for export to the U.S. The plant will also build the rebadged Mazda2 for Toyota starting in 2015. Besides the US, it is expected to be a major export hub for Latin America as well as Europe.

 With a gradual expansion of overseas production, Japanese share in global output will largely depend on future domestic demand. Japanese share is forecasted to decrease from 74% in 2013 to 54% in 2017.


Mazda's light vehicle production forecast by country (LMC Automotive)

Country 2011 2012 2013 2014 2015 2016 2017
Global total 1,239,891 1,208,556 1,369,420 1,532,593 1,728,278 1,806,556 1,784,889
Japan 841,837 881,525 1,014,274 1,012,852 1,061,467 1,029,519 969,641
China 212,609 169,518 187,261 257,375 301,534 328,833 352,387
Mexico 0 0 0 89,661 163,250 175,327 174,033
Thailand 75,624 60,357 95,111 89,205 102,578 169,226 182,060
Russia 0 3,436 25,006 27,844 24,548 21,985 19,316
Colombia 11,963 9,943 7,784 13,230 15,864 16,695 18,836
Taiwan 14,529 12,240 9,730 9,900 10,345 10,711 11,153
Iran 24,002 15,562 11,566 9,669 24,569 27,980 31,281
Malaysia 1,580 2,599 5,114 9,204 10,370 11,605 11,359
Ecuador 8,129 9,826 8,152 7,330 6,462 7,005 6,920
South Africa 4,117 6,184 4,586 5,515 6,648 7,098 7,346
Indonesia 0 0 836 808 643 572 557
USA 43,527 37,366 0 0 0 0 0
Philippines 1,974 0 0 0 0 0 0
Source: LMC Automotive "Global Automotive Production Forecast (April 2014)"
(Note) 1. Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more detailed information or inquiries of forecast data, please contact LMC Automotive.

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