Toyota Motor Corp (ADR) (NYSE:TM) has projected a tad increase in sales to 10.11 million vehicles in 2016 compared to the estimated 10.10 million in 2015. Though the growth might seem not encouraging, it is still ahead of its major rival – Volkswagen Ag and General Electric Company (NYSE:GE). Toyota will still maintain its position as the global leader in auto selling despite its projected sales.
This is according to an official statement released from the corporation. This number is with the inclusion of truck maker Hino Motors LTD and Daihatsu Motor Co.
It is worthy to note that production is expected to rise by about 1% to 10.20 million vehicles in 2016 compared to 2015. A higher production than sale is always advocated for since certainty about the performance of the market is hard.
November 2015 has been quite encouraging for Toyota since they recorded a 12.4% increase in their daily selling units to 189,517 units per day. Comparing 2015 November and 2014 November where sales were up 3.4 percent, this November has definitely been one of the ‘good months’ for Toyota.
Bill Fay, the group Vice president said that the auto industry was on track to exceed 2015 expectations. His statement was mainly influenced by the November sales, which were quite impressive. Bill also said that 2015 Black Friday weekend was one of the best in eight years.
Light trucks and RAV4 were the main vehicles being sold during the month of November and they accounted for double digit sales during the period.
Daily selling units of Lexus increased 16.1% to 29,340 units in November. Lexus achieved a record performance in sales, services, vehicle quality and customer care. This was stated by Jeff Bracken who is the group’s vice president and general manager. He also stated that Lexus were on track to achieve the best year sales ever.
Toyota definitely has enjoyed a successful 2015 with significant reference to the performance of Lexus and the November sale. All, that remain is to see how Toyota will perform in 2016 despite the projections.
Sources: Toyota Press, reuters