Three Automakers in Japan Sell More, Make Less

Three of Japan's automakers, Honda, Mitsubishi and Mazda are selling more cars, but making less profit doing so.

Honda Motor Co's profits dropped a whopping 86% in the first quarter of this year compared to last year.

One reason – a corporate tax levied on its Chinese joint venture of $244 million.

Honda is Japan's number two.

Mistsubishi Motors Corp saw profits drop 37% even though the company's sales were up 12%.

One reason – Mitsubishi closed a 28-year old factory in Australia.

Mazda Motor's profits were up 48% for the first quarter of this year and the last quarter of Japan's fiscal year. Sales were up just 1.2%.

One reason – a strong demand for the Mazda 6 in Europe.

Toyota and Nissan will put out their numbers later this month.

Meanwhile, oil prices go up and Japanese car companies are happy they are the choice of many. 

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