Toyota managed to surpass in sales all automakers for the fifth consecutive quarter due to yen’s depreciation.
Toyota’s global sales, including those of subsidiaries Daihatsu and Hino, reached 2.43 million vehicles during the first quarter, compared with GM’s 2.36 million vehicles and VW’s 2.27 million vehicles. Since December the Japanese automaker has predicted that sales will almost reach 10 million units this year, a milestone for Toyota. The automaker might reach its target as the yen continues to depreciate against all other major currencies, increasing the company’s earnings and its market value by more than $50 billion in 2013.
“Toyota will probably keep the top spot this year,” said Kentaro Hayashi, an analyst at Tachibana Securities Co. “But the gap may narrow because GM is planning to launch many new models.”
After a reign of 77 years as the world’s largest automaker, GM has to cease the place to Toyota in 2008, until 2011 when the natural disasters in Japan and Thailand disrupted production. Last year Toyota’s sales rebounded to 9.75 million units and the automaker regained the first place. Net income during the fiscal year ended March is expected to have tripled to 908 billion yen and this year is expected to increase 52%.