TOKO — Mazda needs to overhaul its strategy in China, the world's biggest auto market, where it faces increasingly tough competition from domestic rivals, the automaker's chief executive said.
CEO Masahiro Moro said business conditions for Mazda in China, where it has a joint venture with Chongqing Changan Automobile and China FAW, would become increasingly tough over the coming year to 18 months.
Moro said it was not planning to "scale back", although the company will cut fixed costs.
"Production output will be low for the time being while pressure on profits is increasing," Moro told reporters at a roundtable meeting on Friday.
"The important thing is to turn the tide and introduce electric vehicles one by one," he said.