Toyota Motor Corp. has outsold all carmakers around the world for the fifth consecutive quarter as the weakening yen continue to boost the company’s advantage over main rivals General Motors and Volkswagen. Toyota’s global sales, including those of its Hino Motors Ltd. and Daihatsu Motor Co. subsidiaries, surged to 2.43 million vehicles in the first quarter of 2013, according to spokeswoman Shino Yamada.
Its main rivals GM and VW posted global sales of 2.36 million and 2.27 million vehicles respectively. As early as December 2012, Toyota has said that its sales will surge to nearly 10 million units in 2013 – an achievement accomplished by no carmaker. Since then, business conditions became more advantageous, thanks to the weakening yen.
This pushed Toyota close to achieving its 2013 forecast and raised the carmaker’s market value by over $50 billion this year alone. Toyota toppled GM as the world’s largest carmaker in 2008, and continued to hold on to the crown until 2011, when its sales and inventory were greatly hampered by the natural disasters in Japan and Thailand.
Toyota managed to make a stellar rebound in 2012, propelling the Japanese carmaker to sell 9.75 million vehicles in the year on its way to recover the crown as the world’s largest. Toyota has added new products to its range and has managed to post drastic improvements in earnings. The Japanese carmaker is expected to triple its net profit in the year ended March 31, 2013 to ¥908 billion.
Toyota is also expected to log a 52-percent increase in income in the current fiscal year, according to the average analyst estimate compiled by Bloomberg. The surge in Toyota’s net income could be attributed to the weakening yen, which value against the dollar has fallen 19 percent since mid-November.
Toyota President Akio Toyoda, speaking as chairman of the Japan Automobile Manufacturers Association, remarked in March that the new Japanese government “is very speedy and aggressive in their actions.” He added that as the foreign exchange markets are stabilizing, “there is no doubt a sense that we’re beginning to see a silver lining.”