Lexus expected to hike sales in 2013 despite possible higher taxes

Article by Anita Panait, on December 4, 2012

Toyota Motor Corp. expects its Lexus luxury division to post higher sales in the U.S. in 2013, despite the threat of increased taxes on the rich due to a federal budget deal, according to the brand's global marketing chief, Mark Templin. Lexus posted a 24-percent increase in sales in the US for the first 10 months of 2012.

In an interview with Bloomberg last week at the Los Angeles Auto Show, Templin said he expects that the brand will grow at least 10% in 2013. Templin also downplayed the effect of increased tax rates, saying that demand for luxury cars will grow faster than the pace of the industry.

Templin told Bloomberg that they are expecting to see “good consistent growth in the industry." Templin said that their wealthy clients “remained that way and they've been shown to be pretty resilient."

So far, discussions between President Barack Obama and House Speaker John Boehner on avoiding the upcoming fiscal crisis – which refers to $607 billion in automatic tax hike and spending cuts due to take effect in January 2013 – are still on a logjam over tax rates for the top 2% of wage earners in the US. Toyota currently considers the US as the largest market for Lexus models.

In fact, sales in the US account for around half of Lexus’ global volume. So far, the auto industry is one of the sectors in the US with an optimistic outlook for this year, with sales growing around 14% for the first 10 months of 2012. According to the average of 10 analyst estimates compiled by Bloomberg, new car and trucks sales in the US may increase 12% in November 2012

Topics: lexus, sales

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

More positive news has been pouring in before the year ends. For those who have been waiting to hear the latest word on Toyota 86, we have some great news....
by - December 10, 2016
Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries