Toyota Motor Corp., the largest carmaker in the world said it is confident it will sell 900,000 vehicles in China by the end of this year, despite the 3.5% year-on-year sales drop in the region in July.
According to a senior Toyota executive, the automaker is confident it will meet its China sales target for this year and that it expects sales to increase during the second half of the year. Toyota’s JVs in China are with Guangzhou Automobile Group and FAW Group and together they aim at selling 900,000 vehicles in the region this year, an increase of 7.1% compared with last year.
Last month Toyota’s sales in China dropped 3.5% to 75,600 units, after a 9% increase in June and a 0.3% rise in May. During the first seven months Toyota’s sales reached 492,000 units, a decrease of 5.4% from the same period last year. Analysts’ data confirms that Toyota is slowly but steadily reviving from the sales crisis caused by the territorial dispute between China and Japan last year.
GM outsold Toyota for the first time in the past six quarters, as Japan sales continued to drop after incentives for EVs offered by the government expired in 2012. During the second quarter Toyota sold 2.48 million vehicles globally, close to the 2.49 million vehicles sold by GM worldwide.