Published on October 2nd, 2020 | by Subhash Nair0
Toyota Global Sales Recovering Faster Than Expected
The Covid-19 pandemic has hit the automotive industry particularly hard, but many of the world’s largest players have been bracing for impact since the beginning of the year. The latest reports from Toyota seem to indicate that times are not quite as bad as they could have been.
Global sales in August are 10.6% worse than they were back in August 2019, but the pace of recovery is actually better than Toyota initially expected. In fact, Toyota’s sales in China has actually soared beyond what they did last year. There they sold 164,354 units, up 27.2% versus their performance last year. This includes other marques owned by Toyota.
This was down to the response of Chinese customers to Toyota’s products at local motor shows and strong demand for models like the Lexus ES.
Will this mean the industry will recover faster than expected? Well, that depends on how quickly the rest of the world can get back on its feet.
Here’s the press release with more information.
Global sales in August were down 10.6 percent from the previous year, but are recovering at a faster pace than expected.*
China (sales volume164,354 units, year-on-year changeup 27.2 percent)
In addition to local motor shows and other measures to attract customers to dealers as well as reinforced measures to secure orders, sales of the Levin, ES, and other models were strong, and sales were up compared to the previous year.Japan (sales volume104,535 units, year-on-year changedown 10.6 percent)
Sales were down year-on-year due to effects from COVID-19, but in addition to strong sales of the new Harrier, sales of the Yaris and Raize were strong, with the two models ranked first and second, respectively, in new registrations excluding minivehicles, and the recovery trend is continuing from July.
|*||July – Septemberdown approx. 15 percent; October – Decemberdown approx. 5 percent;January – Marchup approx. 5 percent. Sales are expected to reach the prior year’s level for the same period around the end of this year to the beginning of next year.|
Global Production in August recovered to around 93.3 percent compared to the previous year
China (production volume119,711 units, year-on-year changeup 15.0 percent)
Due to strong sales of the Levin and other models, sales increased and production was up year-on-year.Japan (production volume202,691 units, year-on-year changedown 11.5 percent)
Production was down from the previous year due to effects from COVID-19, but the recovery trend is ongoing in conjunction with the recovery of the global market.
(June: down 44.8 percent; July: down 22.0 percent; August: down 11.5 percent)