Toyota announced today, February 5th, that it plans to sell 2.2 million cars in the US in 2013, compared with 2.08 million sold in 2012.
Toyota increased its annual net profit target by more than 10% to $9.3 billion due to strong sales in the US and weak yen. Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management said that if the yen continues to drop Toyota’s profit will see a boost in the next fiscal year too. Analysts predict that compared with Honda and Nissan, Toyota will be the Japanese automaker to benefit the most from the weak yen as it has the highest ratio of production in Japan, exporting more than half of the vehicles manufactured here.
The strength of the yen has forced Toyota and other automakers In Japan to shift production from this country to other markets. In 2012 more than 70% of Toyota’s vehicles sold in the US market were assembled in the North American plants.
“Our intention is clearly to grow that 70% over time,” Fay said. “Short term, we are not going to build everything in North America, especially (when) you consider Lexus, which we are shifting more slowly. Certainly there’s a movement to do more of that work where the customer is.”