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Toyota global sales up 13% in February
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Toyota global sales up 13% in February
AFP - Tuesday, March 30
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TOKYO (AFP) - – Crisis-hit Toyota said on Monday global sales rose 13 percent year-on-year in February, but analysts warned that the fall-out from recent mass safety recalls would continue to hang over the car giant.
The Toyota group, which includes brands Daihatsu and Hino trucks, sold 613,845 vehicles worldwide last month, up from 543,435 a year earlier, a spokesman said.
The group's global production in the same period jumped 69.2 percent to 734,631 units, of which 655,180 were for Toyota in an 82.7 percent jump for the brand.
Analysts said the figures were unsurprising given the auto industry's troubles a year earlier as the economic downturn eroded demand, and a low basis of comparison offset Toyota's reduced output in response to a global recall.
"The robust figures were largely due to a rebound from its sizeable slump a year earlier. There was no surprise. The figures were within expectations," said Mamoru Kato, auto analyst at Tokai Tokyo Research Centre.
"It is too early to be optimistic about the fate of Toyota."
One of Japan's most famed companies, Toyota has been battered by both the global economic downturn and by its massive safety woes over faulty accelerator and brake systems.
In recent months, the world's largest automaker has been forced to recall more than eight million vehicles worldwide mostly due to problems with sudden acceleration, which have been blamed for 58 deaths in the United States.
Domestic sales continue to rise however, surging 32.1 percent year-on-year to 210,767 units, with sales in the Toyota brand alone up 49.9 percent.
The figures were largely boosted by the success of the Prius hybrid model, the best selling car in Japan for the ninth consecutive month, according to statistics released earlier by a professional body.
Vehicle exports from Japan more than doubled to 161,533 units, Toyota said in a statement.
However, "the negative impact of its mass recall is being felt in developed countries except Japan," said Kato. "The prospect for Toyota's business activities is still uncertain."
The increases came even as the company suspended some production lines at five North American plants for five days in early February following the decision to halt sales of eight models due to accelerator pedal problems.
Toyota decided to suspend other production operations in the US and Europe in March and April, and in Japan from the spring of this year.
It said last week that it aims to finalise a plan to streamline output operations in Japan by summer.
In Tokyo trade, Toyota Motor shares closed 0.53 percent lower at 3,740 yen Monday.
"The impact of the recalls will emerge gradually," Mizuno Credit Authority analyst Tatsuya Mizuno told Dow Jones Newswires.
Earlier this month, the automaker said sales in the United States fell 8.7 percent year-on-year in February to 100,027 units.
The company last week faced its first US courtroom challenge as lawyers pressed for angry car owners to be allowed to bring a multi-billion-dollar suit against the Japanese firm.
It also announced a North American "quality task force" as it struggles to repair its reputation, that will answer to Toyota chief executive Akio Toyoda, the grandson of the company's founder.
Other Japanese auto giants also reported on Monday strong year-on-year increases in production and sales in February as demand continued to pick up.
Japan's second biggest automaker Honda said production worldwide increased 49.3 percent to 284,711 units while Mazda production surged 73.7 percent to 100,126.
Nissan saw worldwide sales gain 21.7 percent year-on-year.
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