Japan's top 5 carmakers conduct deep global output cuts in April

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TOKYO, May 28 Kyodo -
Japan's top five automakers conducted substantial worldwide output cuts in
April amid the global recession, with their respective margins of year-on-year
cuts ranging from 29.7 percent to 54.3 percent, according to data released
Thursday.
Among the five -- Toyota Motor Corp., Nissan Motor Co., Honda Motor Co., Mazda
Motor Corp. and Mitsubishi Motors Corp. -- Mitsubishi implemented the largest
cut of 54.3 percent to 46,289 units, while Honda carried out the smallest cut
of 29.7 percent to 231,399 units.
Toyota's worldwide output declined 49.6 percent to 366,125 units, Nissan's fell
38.2 percent to 183,248 units and Mazda's was down 43.8 percent to 63,307
units.
The automakers' domestic production also declined, with Toyota reporting a 56.1
percent fall, Nissan a 49.8 percent drop and Mitsubishi Motors a 63.7 percent
fall.
The combined domestic output of eight major carmakers -- the top five plus Fuji
Heavy Industries Ltd., Suzuki Motor Corp. and Daihatsu Motor Co. -- came to
472,863 units, sinking below the 500,000-unit line for the first time in two
months.
But the carmakers said they have made substantial progress in cutting back on
inventories, suggesting that they may soften the scale of their worldwide
output cuts in or after May.
Faltering private consumption in the five automakers' overseas markets also
dented their exports with the margins of decline ranging from 53.1 percent at
Mazda to 76.4 percent at Mitsubishi.
Mazda's exports came to 39,670 units, while Mitsubishi's came to 9,436 units.
Toyota's exports plunged 70.9 percent to 69,194 units, Nissan's dropped 54.3
percent to 30,670 units, and Honda's dived 70.4 percent to 16,418 units.
On domestic sales, Honda's rose 1.8 percent to 46,060 units, marking the first
gain in six months, although the other four automakers saw sharp drops.
Honda's ultra-fuel-efficient Insight hybrid sedan, which made its showroom
debut on Feb. 6, drew strong buying interest among consumers. The Insight saw
sales of 10,481 units in April, clinching the top slot on the nation's top-10
sales ranking from Honda's own Fit compact car.
A Honda official acknowledged that April sales had been buttressed by the
government's fiscal stimulus policy of offering sharp cuts and exemptions of
car-related taxes for eco-friendly cars like the Insight.
''We enjoyed the positive effects'' of the tax breaks that were put in place
from April, the official said.
But the stimulus policy has not cheered the market as a whole.
Toyota's domestic sales fell 32.3 percent to 77,634 units, Nissan's dropped
38.7 percent to 21,165 units, Mitsubishi's declined 26.6 percent to 8,603 units
and Mazda's were down 33.0 percent to 10,826 units.
The data means that Nissan, Mazda and Mitsubishi experienced their lowest-ever
domestic monthly sales on a volume basis since they began releasing relevant
statistics.
==Kyodo