Sales of Toyota Motor Sales U.S.A. increased by 26% in July as it continued to recover from the shortages last year from the impact of the earthquake in Japan. Toyota hopes to sustain its momentum by offering incentives in August such as 0% financing and discounted leases.
Even as Toyota experienced a setback after having posted gains of 60% in May and 87% in June, it continues to be on track to surpass its projection for 1.9 million combined sales for Toyota, Lexus and Scion in 2012.
Bill Fay, Toyota Division's new general manager, said that it won’t be releasing a revised forecast. For the fifth straight month, Toyota has been at the top of the industry when it comes to retail sales.
The Camry, which was named the top-selling car in the U.S., had helped in widening its lead its lead over the Honda Accord and Nissan Altima.
The Honda Civic beat out the Corolla and took its place as the best-selling compact car. Even with gasoline prices decreasing, the Prius hybrid sales stayed strong. Fay said that the Tundra full-sized pickup performed its best in the past 18 months.
Meanwhile, Scion vehicles all sold higher mainly because the Japanese factory that produces Scions was shut down because of the damage from the earthquake.
It is on track to reach sales of 72,000 units this year, which is less than 50% of its peak volumes in 2006 and 2007. Fleet sales accounted for only 4% of Toyota sales, as the company was able to satisfy majority of its fleet obligations, which were affected by the earthquake.