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Big SUVs driving record profits at Mazda: Despite dramatically less CX-90s reaching driveways than CX-3s and CX-5s Mazda's premium models account for nearly 50 per cent of the profits - report

The CX-90 is driving Mazda's profits upwards.

Mazda announced its financial results this week as the brand came to the end of its fiscal year and, as far as profits go, the outlook is excellent. 

The Hiroshima-based brand’s record operating profit finished at ¥250.5 billion (A$2.45 billion) in the 12-month reporting period, up a whopping 76 per cent from the year prior. 

Much of this is down to the brand’s new premium models, including the CX-60 and CX-90, with higher prices and margins driving up Mazda’s bottom line despite the vehicles not troubling existing CX-3, CX-5 and CX-30 as best sellers in many markets.

According to Mazda’s figures as reported by AutoNews, the new Large Platform models contributed ¥125.2 billion (A$1.2 billion) to the coffers – that’s 48.5 per cent. 

Much of this growth can be attributed to the United States, where Mazda’s gamble on new large SUVs with combustion engines and plug-in hybrid rather than battery electric tech looks to be paying off. 

Sales in April were at 31,125 in the US which, although 3.8 per cent down on last April, keeps Mazda ahead 8.7 per cent year-to-date. 

With 3694 CX-90s finding homes in the United States, the three-row SUV accounted for a solid 11.9 per cent chunk of sales. Behind stalwarts such as the CX-5 (11,149) and CX-30 (7640) but impressive for a large luxury vehicle. 

Mazda will sell four Large Product models in Australia.

The story is different in Australia, even though Mazda’s local arm has put its hand up for the full quartet of Large Platform products – including CX-70 and CX-80 – the proof has not arrived in sales form yet. 

In April, Australians took delivery of 65 CX-90s and 230 CX-60s. We are a smaller market for Mazda with 7301 total sales for the month but the proportion of Mazda’s expensive new SUVs is far less favourable, accounting for 4.0 per cent of total sales. 

Mazda buyers continue to vote for the CX-5 (1629) and CX-3 (1416) with their wallets in Australia.

Adding to Mazda’s global profits is a favourable exchange rate with the US, the yen having lost 14 per cent of its value against the US dollar. 

Despite relatively small demand in its home market (Mazda sales in Japan were down 31 per cent in March) and with no electric vehicles for sale in Australia, Mazda’s gamble on the premium platform looks to be paying off in revenue at head office.

John Law
Deputy News Editor
Born in Sydney’s Inner West, John wasn’t treated to the usual suite of Aussie-built family cars growing up, with his parents choosing quirky (often chevroned) French motors that shaped his love of cars. The call of motoring journalism was too strong to deny and in 2019 John kickstarted his career at Chasing Cars. A move to WhichCar and Wheels magazine exposed him to a different side of the industry and the glossy pages of physical magazines. John is back on the digital side of things at CarsGuide, where he’s taken up a role as Deputy News Editor spinning yarns about the latest happenings in the automotive industry. When he isn’t working, John can be found tooling around in either his 2002 Renault Clio Sport 172 or 1983 Alfasud Gold Cloverleaf.  
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