Tuesday, March 04, 2008

Toyota Expects Sales Rise in the US Market This Financial Year

Toyota expects a slight rise in its US sales this year. Company president Katsuaki Watanabe expressed his hope that Toyota would experience a slight increase in the company’s vehicle sales in the US in 2008 compared to its sales in US market last year. Mr. Watanabe also indicated that the overall vehicle market of US would see some developments towards the end of the year though US market saw compressed sales in the last three months.

Market Watch reported:

"We will make every effort to improve sales this year... The overall U.S. market will probably be flat in 2008," Watanabe told reporters at the Geneva motor show, noting that the subprime crisis and high gas prices remain a drag.

Watanabe confirmed that the company's European division is expected to post a 5% sales rise in 2008 compared with last year.

High gas price has been instrumental behind the lower sales in the US market. Katsuaki Watanabe also expressed that the company was expected to increase its sales in European markets by 5% compared to the last year. Toyota and its Lexus brand posted 10 percent combined rise in Europe last year. Now, it is expected to see if Toyota can reach its goal this fiscal year.