Toyota North America to post fastest growth this fiscal year

Article by Anita Panait, on May 14, 2013

Toyota Motor Corp. views North America as its fastest-growing market this current financial year ending March 31, 2014, leading the carmaker to post its highest profits since the global financial crisis. Toyota expects its sales in North America to jump 7 percent to 2.6 million vehicles in the current fiscal year. The carmaker expects its redesigned Lexus IS sedan and Toyota Corolla compact car to boost its growth in the region, which is anticipated to outpace slower gains in other markets as well as a sales slump in Japan.

Executive Vice President Nobuyori Kodaira remarked, while releasing the carmaker’s fiscal year earnings, that in the United States, employment is increasing and the housing market is improving, adding that the country’s economy is in “very good shape." He further noted that the North American market is now showing an improvement. 

Toyota posted a 32-percent jump in sales in North America to 2.5 million units in the fiscal year ended March 31, 2013, as the Japanese carmaker rallied from  the inventory problems caused by the 2011 earthquake in Japan and floods in Thailand.

For 2013, a slower yet steady growth in North America could help drive Toyota to become the first global carmaker to sold 10 million vehicles in a year.  On a wholesale basis, Toyota expects to sell around 9.1 million vehicles globally in the current fiscal year, up from 8.9 million units last year.

On a retail basis, the carmaker expects to sell around 10.1 million. It also expects profit and revenue to hit the highest levels since the global financial crisis, but will not be enough to surpass an all-time record set in the fiscal year March 31, 2008.

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