ID :
14177
Tue, 07/29/2008 - 11:11
Auther :
Shortlink :
https://oananews.org//node/14177
The shortlink copeid
Toyota cuts 2008 global auto sales target by 350,000 units to 9.5 mil.+
TOKYO, July 29 Kyodo - Toyota Motor Corp. said Monday it has cut its group global automobile sales target for 2008 by 350,000 units to 9.5 million due to dwindling sales in its largest market in the United States.
The nation's top automaker also said its global production target has been revised downward to 9.5 million units from an earlier target of 9.95 million.
The revised sales target will be a mere 1.4 percent higher than the previous year when it sold 9.37 million vehicles worldwide including those sold at two of its subsidiaries -- compact car maker Daihatsu Motor Co. and truck maker Hino Motors Ltd. In recent years, Toyota has enjoyed annual global sales growth of around 6-8 percent.
It also marks the first time that the automaker has revised its sales target downward since both Daihatsu and Hino joined the Toyota group in 2002.
Through strong sales in emerging economies such as China and Russia, Toyota overtook General Motors Corp. of the United States in global auto sales during the January-June period of 2008.
But despite the steady advances it has made to become the world's biggest automaker, Toyota has also struggled to offset slowing global demand due to soaring gasoline prices and the fallout from the U.S. subprime mortgage crisis.
Sales of larger pickup trucks and sport utility vehicles have been particularly hit in the U.S. market, which accounts for some 40 percent of the automaker's worldwide profits.
Pressed by the adverse conditions, Toyota slashed its overseas sales target by 310,000 units to 7.27 million. Excluding the sales of its subsidiaries, Toyota lowered its target by 200,000 units in the United States, by 80,000 units in Europe and 50,000 units in Japan.
The poorer prospects in its main market have also forced Toyota to modify its production plans to focus on popular models like the ultra fuel-efficient Prius hybrid car. It recently decided to manufacture the Prius at a plant being constructed in Mississippi instead of the Highlander sport utility vehicle as initially planned.
Record-high gasoline prices have also driven away Japanese customers, causing Toyota's group domestic sales target to slide to 2.23 million units from the 2.26 million units sold last year.
Plagued by similar woes, Japan's No. 2 automaker Honda Motor Co. also recently lowered its global auto sales target and operating profit forecast for fiscal 2008 ending next March.
The nation's top automaker also said its global production target has been revised downward to 9.5 million units from an earlier target of 9.95 million.
The revised sales target will be a mere 1.4 percent higher than the previous year when it sold 9.37 million vehicles worldwide including those sold at two of its subsidiaries -- compact car maker Daihatsu Motor Co. and truck maker Hino Motors Ltd. In recent years, Toyota has enjoyed annual global sales growth of around 6-8 percent.
It also marks the first time that the automaker has revised its sales target downward since both Daihatsu and Hino joined the Toyota group in 2002.
Through strong sales in emerging economies such as China and Russia, Toyota overtook General Motors Corp. of the United States in global auto sales during the January-June period of 2008.
But despite the steady advances it has made to become the world's biggest automaker, Toyota has also struggled to offset slowing global demand due to soaring gasoline prices and the fallout from the U.S. subprime mortgage crisis.
Sales of larger pickup trucks and sport utility vehicles have been particularly hit in the U.S. market, which accounts for some 40 percent of the automaker's worldwide profits.
Pressed by the adverse conditions, Toyota slashed its overseas sales target by 310,000 units to 7.27 million. Excluding the sales of its subsidiaries, Toyota lowered its target by 200,000 units in the United States, by 80,000 units in Europe and 50,000 units in Japan.
The poorer prospects in its main market have also forced Toyota to modify its production plans to focus on popular models like the ultra fuel-efficient Prius hybrid car. It recently decided to manufacture the Prius at a plant being constructed in Mississippi instead of the Highlander sport utility vehicle as initially planned.
Record-high gasoline prices have also driven away Japanese customers, causing Toyota's group domestic sales target to slide to 2.23 million units from the 2.26 million units sold last year.
Plagued by similar woes, Japan's No. 2 automaker Honda Motor Co. also recently lowered its global auto sales target and operating profit forecast for fiscal 2008 ending next March.
