Toyota Motor Corp. and Nissan Motor Co., Japan's two largest automakers, report sharply lower domestic production for fiscal 1993 on sluggish sales at home and abroad.
However, analysts say bad times at Japan's major car companies appear to have bottomed out and the industry should see brighter figures during the current fiscal year, which began April 1.Toyota, Japan's No. 1 automaker, said its domestic production plunged 11.4 percent in fiscal 1993 to about 3.5 million vehicles. Domestic sales were off 8.1 percent, and exports dipped 13.5 percent to just over 1 million.
Nissan, the No. 2 car manufacturer, said domestic output dropped 14.1 percent to about 1.5 million vehicles. Sales in Japan fell 9.9 percent, and exports dropped 30 percent to about 600,000.
Both companies registered sharp increases in overseas production, a reflection of the industry's trend of building more vehicles in the markets where they sell them.
Toyota produced 900,000 vehicles abroad, up 14.3 percent, while Nissan's overseas output rose 7.2 percent to just under 1 million.
Japan's export-focused automakers were hit hard by the lingering global recession last year and hard economic times at home.
Both economic trends show signs of improving this year, and that has fueled optimism in the sector.
"The industry forecasts for the domestic market show expectations of increased demand, and that is certainly already the case in Europe and America," said Julia Baldini, an auto analyst with Schroder Securities.
Last month the Japan Auto Manufacturers Association forecast a rebound in the sector, saying overall domestic demand for vehicles would increase at about 3.9 percent this year.