Toyota predicts record sales despite China woes
Source: Agencies |
October 30, 2012, Tuesday
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Print Edition
Print Edition
TOYOTA is shrugging off a sales plunge in China and says it is headed to a record year on the back of strong growth in the rest of Asia and the US.
Toyota Motor Corp Executive Vice President Yukitoshi Funo acknowledged yesterday that achieving the company's target of 9.76 million vehicle sales this year will be harder because of the problems in China. Protests and a call to boycott Japanese goods erupted after a territorial dispute over small islands erupted between the two countries.
Toyota's sales in China the last couple of months have fallen to about half of what they were a year earlier. Initially, Toyota had expected to sell 1 million vehicles in China this year. That is now unlikely.
But Funo, who oversees Toyota's Asian operations, expressed confidence overall global vehicle sales will hit a record, surpassing the record 9.37 million vehicles sold in 2007, as growth in other parts of the world will offset losses in China.
"Toyota's operation is well-balanced" because the company has made a point of spreading risks by building up its brand and sales in many markets, not only China, Funo said. He said Toyota makes long-term plans in various markets, and remains committed to China.
His optimism underlines Toyota's return to the position of world's top automaker this year by vehicle sales, beating General Motors Co.
Toyota has widened its lead over the US automaker, selling 7.4 million vehicles globally in the first nine months of this year, some 450,000 more than GM. Toyota's sales rose 28 percent in that period, while GM's rose 2.5 percent to 6.95 million vehicles.
China comprises 10 percent of Toyota's global vehicle sales, but sales are doing well in the rest of Asia such as in Indonesia, India and Thailand.
When such gains are combined, they are significant, Funo said in Tokyo.
Toyota said it sells about 320,000 vehicles a year in Indonesia and about 400,000 in Thailand.
Toyota Motor Corp Executive Vice President Yukitoshi Funo acknowledged yesterday that achieving the company's target of 9.76 million vehicle sales this year will be harder because of the problems in China. Protests and a call to boycott Japanese goods erupted after a territorial dispute over small islands erupted between the two countries.
Toyota's sales in China the last couple of months have fallen to about half of what they were a year earlier. Initially, Toyota had expected to sell 1 million vehicles in China this year. That is now unlikely.
But Funo, who oversees Toyota's Asian operations, expressed confidence overall global vehicle sales will hit a record, surpassing the record 9.37 million vehicles sold in 2007, as growth in other parts of the world will offset losses in China.
"Toyota's operation is well-balanced" because the company has made a point of spreading risks by building up its brand and sales in many markets, not only China, Funo said. He said Toyota makes long-term plans in various markets, and remains committed to China.
His optimism underlines Toyota's return to the position of world's top automaker this year by vehicle sales, beating General Motors Co.
Toyota has widened its lead over the US automaker, selling 7.4 million vehicles globally in the first nine months of this year, some 450,000 more than GM. Toyota's sales rose 28 percent in that period, while GM's rose 2.5 percent to 6.95 million vehicles.
China comprises 10 percent of Toyota's global vehicle sales, but sales are doing well in the rest of Asia such as in Indonesia, India and Thailand.
When such gains are combined, they are significant, Funo said in Tokyo.
Toyota said it sells about 320,000 vehicles a year in Indonesia and about 400,000 in Thailand.
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