Toyota Motor and its two JVs in China doubled sales in 700 vehicles from a year earlier.
From January until May, Toyota managed to sell 372, 000 vehicles in China, up 26.1% from the same period in 2011. Hitoshi Yokoyama, the company’s spokesman, said this year-on-year jump in May was due to the fact that sales in May 2011 were affected by the earthquake and tsunami that devastated Japan, and therefore production vehicles and key components was paralyzed, which implicitly brought a decrease in sales.
He added that Toyota expects to hit its target of 1,000,000 units sold in China by the end of this year. In 2011 Toyota sold in China 83,400 vehicles, up 4.4% from 2010, which reflected the general slowdown of auto sales in this country in 2011. After a rapid growth in 2009-2010, in 2011 the country’s auto market declined considerably when the government ended some incentives for car customers, triggering a slowdown in smaller-engine cars and commercial vehicles sales.
Industry forecasts predict a 5%-10% increase in overall auto sales compared to 2011. Toyota will have to boost sales by 13% to reach its target of 1,000,000 units.