Toyota eyes sales and profit growth in Europe and Asia in 2014

Article by Anita Panait, on December 23, 2013

Toyota is aiming to post growth in both sales and profits in Europe and Russia in 2014, boosted by its popular hybrid models. The Japanese carmaker's assembly sites in France, the United Kingdom and Turkey are currently working at full capacity, placing the Japanese carmaker on pace for European production to account for 75 percent of the cars it sells in the continent by 2015, Didier Leroy, head of the Toyota Europe division, told Bloomberg in an interview.

Leroy said the Toyota’s focus is to ensure that strategy serves to hike earnings. "The real challenge for us is to be permanently asking ourselves whether we're on track with profitable growth," Leroy remarked, adding that there is no doubt that they will be posting more sales and profit next year than in 2013.

Toyota posted a 6.9-percent surge in sales in November, contributing to a vehicle -market gain of 0.9 percent for the month, according to industry figures. Its growth was boosted by the Lexus IS hybrid sedan and the hybrid versions of the Yaris subcompact and Auris hatchback.

The combined car market of the European Union, Switzerland, Norway and Iceland is heading to a 2.8-percent drop in sales in the first 11 months of 2013.

In contrast to the fate of US carmakers General Motors and Ford, Toyota has been profitable in Europe, logging a 9.9-percent surge in operating profit to JPY25.4 billion ($244 million) in the quarter ended September. Hybrid models accounted for 20 percent of Toyota Europe's sales this year from 13 percent in 2012, Leroy said. He remarked that they fail in terms of profitability on hybrid cars.

Topics: toyota, europe, profit, asia

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