TOKYO — The combined net profit of Japan’s manufacturers for the year ended March 31 declined 2% from the prior year, the first decline in two years, as automakers struggled with weak sales in the U.S. and China while steelmakers had to deal with a flood of cheap Chinese imports.
Automakers’ net profit fell by more than 20%. As competition intensified in the robust U.S. market, automakers shouldered the heavy burden of sales incentives. In China, local players slashed prices to capture demand for electric vehicles.
