Toyota Motor Corp. and its two local joint-venture partners are on pace to sell 900,000 vehicles in China in 2013, despite suffering 3.5-percent year-on-year drop in sales in the country in July, officials at the Japanese carmaker told Reuters. A senior executive and a midlevel official at Toyota told Reuters separately that the prevailing expectation inside Toyota's sales unit in China is that the carmaker would manage to achieve its sales objective for the year with sales momentum expected to pick up in the second half of the year.
Toyota operates joint ventures in China with FAW Group and Guangzhou Automobile Group. The Japanese carmaker is targeting to post a 7.1-percent increase in sales in China in 2013 to 900,000 vehicles.
Toyota disclosed Thursday that it and its two local joint-venture partners posted a 3.5-percent drop in sales in China to about 75,600 units in July. In contrast, the carmakers and its partners posted 9-percent year-on-year increase in June.
The carmaker succumbed to 5.4-percent drop in sales in the first seven months of 2013 to around 492,500 vehicles. The sales figures reaffirm Toyota’s slow but steady recovery from a sales crisis that was a result of the territorial row between China and Japan over some islands in the East China Sea.