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Toyota poised to regain world's top automaker title
Source: AFP |
December 27, 2012, Thursday
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JAPAN'S Toyota Motor yesterday forecast a 22 percent jump in worldwide sales this year to 9.7 million units, driven by surging demand which may help it regain the top spot in the global auto market.
Those figures could put Toyota ahead of General Motors and Volkswagen as the world's biggest automaker, a title it held between 2008 and 2010 but lost last year after a slump in sales and production.
Japan's quake-tsunami disaster, floods in Thailand and a strong yen took a heavy toll on the auto giant, whose brands include Lexus, Daihatsu and Hino.
It topped the global carmakers' table in the first half of 2012, accelerating past US-based GM and the German auto giant.
Japan's biggest automaker said it expects to sell about 9.91 million vehicles in 2013, up 2 percent. It was on track to produce 9.94 million vehicles in 2013, nearly unchanged from this year, the company added.
Toyota said domestic sales would jump 35 percent this year to 2.4 million vehicles, with its overseas annual sales forecast to rise by 18 percent to 7.3 million units.
The automaker said last month that it was on track to earn 780 billion yen (US$9.1 billion) in the fiscal year to March, up from 760 billion yen, but said sales would be 21.3 trillion yen, trimming an earlier target of 22 trillion yen.
A strong yen and turmoil in key European markets weighed, while a territorial dispute with China hurt sales.
The upward boost in earnings expectations was largely due to cost-cutting, including a decrease in labor and research and development expenses, Toyota said.
The automaker also said it had been aided by robust Asian sales and a pickup in the North American market.
However, Japan's automakers have seen a drop in their China revenue stemming from a bitter islands row between the two countries, which was marked by demonstrations across China and a consumer boycott of Japanese exports.
Toyota previously said it was expecting to sell 200,000 fewer vehicles in China in the second half of its fiscal year and take a 30 billion yen hit to its bottom line from slumping demand in the world's biggest vehicle market.
Toyota sold 900,000 vehicles in China in 2011.
Those figures could put Toyota ahead of General Motors and Volkswagen as the world's biggest automaker, a title it held between 2008 and 2010 but lost last year after a slump in sales and production.
Japan's quake-tsunami disaster, floods in Thailand and a strong yen took a heavy toll on the auto giant, whose brands include Lexus, Daihatsu and Hino.
It topped the global carmakers' table in the first half of 2012, accelerating past US-based GM and the German auto giant.
Japan's biggest automaker said it expects to sell about 9.91 million vehicles in 2013, up 2 percent. It was on track to produce 9.94 million vehicles in 2013, nearly unchanged from this year, the company added.
Toyota said domestic sales would jump 35 percent this year to 2.4 million vehicles, with its overseas annual sales forecast to rise by 18 percent to 7.3 million units.
The automaker said last month that it was on track to earn 780 billion yen (US$9.1 billion) in the fiscal year to March, up from 760 billion yen, but said sales would be 21.3 trillion yen, trimming an earlier target of 22 trillion yen.
A strong yen and turmoil in key European markets weighed, while a territorial dispute with China hurt sales.
The upward boost in earnings expectations was largely due to cost-cutting, including a decrease in labor and research and development expenses, Toyota said.
The automaker also said it had been aided by robust Asian sales and a pickup in the North American market.
However, Japan's automakers have seen a drop in their China revenue stemming from a bitter islands row between the two countries, which was marked by demonstrations across China and a consumer boycott of Japanese exports.
Toyota previously said it was expecting to sell 200,000 fewer vehicles in China in the second half of its fiscal year and take a 30 billion yen hit to its bottom line from slumping demand in the world's biggest vehicle market.
Toyota sold 900,000 vehicles in China in 2011.
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