Toyota's US sales fall by 8.7%

Wednesday, March 3, 2010

Toyota Motor Corporation, the Japanese automobile maker, posted an overall 8.7% drop in sales in the United States for last month. This comes after recent safety recalls of its vehicles, as well as congressional investigations over Toyota's safety standards.

The model that had the highest drop in sales was the Camry sedan, with a 20% decline, figures released yesterday indicate.

Toyota sold a total 100,027 vehicles in the US in February, a number somewhat higher than what economic analysts predicted; they estimated a decline of ten percent.

Bob Carter, the vice president of the group's Toyota division, commented on the figures. "I'm surprised that we sold as many vehicles as we did," he said in a conference call, as quoted by Ninemsn. "We did see a drop in our first-time Toyota buyers. But we haven't seen any major outflows of Toyota buyers to other brands."

"Clearly we have some work to do. We stubbed our toe in terms of our image. There's nothing I can come up with in terms of an incentive program to make that go away. It's something we're going to work on with all consumers," the vice president added. Toyota said it would have zero per cent financing for most of its models, as well as free scheduled maintenance.

"In March, we’ll be getting back to the business of sales," said Carter.

Meanwhile, Toyota stock increased by 2.3% at the Tokyo stock exchange to 3,390 yen in morning trading.

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Sources

"Toyota US sales plunge" — Al Jazeera, March 2, 2010
"Toyota's US sales drop 8.7 per cent" — Ninemsn Money, March 2, 2010
Alan Ohnsman. "Toyota Offers Discount Loans, Leases to Lure Back U.S. Buyers" — BusinessWeek, March 2, 2010

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