Mazda Motor Corp. (7267) forecasts sales in Europe will rise more than 20 percent to 150,000 vehicles this year boosted by its CX-5 compact crossover as competitors in the region brace for a sixth straight year of declining demand.
Mazda, based in Hiroshima, Japan, is targeting deliveries of at least 180,000 vehicles in Europe by 2016 as part of its goal to increase sales to 1.7 million vehicles from 1.2 million last year, Jeff Guyton, Mazda’s European chief, said today in a telephone interview.
“If you talk to most automakers in Europe, they see doom and gloom,” said Guyton. “For us, the story’s exactly the opposite.”
Mazda is seeking to double net income this fiscal year after posting its first annual profit in five years for the 12 months through March 2013. The stock has more than doubled this year as the carmaker benefits from a weaker yen and demand for the CX-5 and Mazda 6 sedan.
The brand will introduce a new version of the Mazda 3 compact at the International Auto Show in Frankfurt next week. The Mazda 3, the CX-5 and the Mazda 6 have potential to sell about 50,000 vehicles a year, said Guyton.
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