Targeted to ‘nudge’ the Volkswagen Group from its 5-year top spot.
Toyota Motor Corp. is targeting to nudge closer to the global No. 1 automaker the Volkswagen Group in 2020 with a forecasted group sales of 10.77 million vehicles worldwide.
Toyota’s forecasted total 2020 sales will include vehicles sold by its subsidiaries Daihatsu Motor Co. and truck maker Hino Motors Ltd.
The Volkswagen Group has been the top-selling auto-manufacturer for the past five years, delivering 10.83 million vehicles including vehicles from its truck brands MAN and Scania.
Toyota has recently started working with Suzuki Motor Corp., Mazda Motor Corp. and Subaru Corp. through partnerships and equity stakes as electric vehicles, autonomous vehicles and new mobility services disrupt the industry which is being taken over slowly by technology companies providing next generation software and mobility solutions.
The decision to form alliances in the automotive industry makes more sense as we move along. PSA is starting an alliance with FCA Group in 2020 and Geely has bought into Proton and Lotus with much success.
PRESS RELEASE: Toyota said in early November this year that its net profit edged 1% higher in July-September as vehicle sales grew around the world.
Toyota Motor Corp.’s profit for the second fiscal quarter totaled 592 billion yen (USD5.4 billion), up from 585 billion yen last year.
Toyota, which makes the Prius hybrid, Corolla subcompact and Lexus luxury models, stuck to its net profit forecast for the fiscal year through March 2020, at 2.15 trillion yen (USD20 billion).
That would be an improvement over the 1.88 trillion yen earned in the year ended in March.
Vehicle sales for the latest quarter grew both in Japan and overseas, including in the U.S., the rest of Asia and Europe.
Like most Japanese exporters, Toyota has been hurt by a strengthening yen. But the results show Toyota is holding up despite such negatives.
For the fiscal first half, cost cuts and marketing efforts offset the impact of an unfavorable exchange rate, it said.
Toyota also said it will buy back up to 200 billion yen (USD1.8 billion) worth, or 34 million shares, of the company’s common stock.
Toyota officials have stressed the company is focused on becoming a “mobility company” for a future when consumers may opt for new ways of car ownership like car-sharing, or choose futuristic electric vehicles instead of automobiles common today that run on petrol.
