Toyota targets a 2.7% sales increase in China for 2016 image

The number one carmaker in the world plans to increase its annual sales target in China for 2016, as the biggest auto market is set for a rebound this year.

Even if the annual official sales reports have not been made public yet, Toyota is most likely to end up as the number one carmaker in 2015, followed by Volkswagen and General Motors. The Japanese automaker is predicted to hit 10.1 million units sold worldwide, delivering 9,285,088 units from January to November, while Volkswagen managed to sell 9,095,900 cars. GM’s estimate figures are 8,842,778 vehicles sold worldwide. Toyota Motor was the first major global automaker to announce the 2015 sales data for China, saying it sold 1.12 million cars for the year. Now, the company and its joint venture partners aim to sell 1.15 million vehicles in China this year, undershooting overall expectations for the world’s largest auto market. The 2016 sales target represents roughly 2.7 percent growth year-on-year, compared with the 8.7 percent annual growth last year. Toyota’s China sales target for 2015 was 1.1 million vehicles.

“We aren’t pessimistic about the 2016 outlook”, a Beijing-based spokesman for the Japanese automaker said. The company was more focused on sustaining longer-term growth rather than boosting sales short-term with incentives and other promotional deals, he said. “We usually provide a conservative estimate,” he added. Toyota’s sales in December totaled about 122,000 vehicles, down 2.4 percent from a year earlier. China’s automakers association chief predicted last month that sales would grow 5-7 percent this year, compared with an expected 3 percent year-on-year increase in 2015.

Via Reuters