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Politics

Mazda hopes Trump, Abe share 'common understanding' on trade

Japanese automaker downgrades its profit outlook due to a US sales decline

Mazda Executive Vice President Akira Marumoto speaks during a press conference in Tokyo on Feb. 2.

TOKYO -- A Mazda Motor executive said Thursday the Japanese automaker hopes U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe reach an understanding on currency and other trade issues at their Feb. 10 summit in Washington.

Mazda on Thursday downgraded its net profit projection for the current fiscal year from 100 billion yen ($888.7 million) to 90 billion yen, citing weaker unit sales in the U.S. and Japan due to stronger competition. The company logged a 134.4 billion yen profit in fiscal 2015, which ended in March. To boost its U.S. numbers, Mazda said it will increase sales incentives for passenger cars, demand for which is declining, according to the carmaker.

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