Toyota reports drop in Q3 2008 profit of 69% on account of lower sales revenue due to a weakening economy and a stronger yen.
Toyota's US sales in September fell 32%, while total US car sales fell 27%.
Toyota reported its sales fell 9.4% in August. Its competitors generally fared worse, as Ford's sales fell 26.6%, Chrysler's fell 34%, GM's fell 20.4%, and Honda's dropped 7.3%.[1]
For Q2 2008 Toyota's net income fell to $3.2 billion, 28% lower than Q2 2007. This was largely caused by much lower demand for Toyota's larger vehicles in the US, where Toyota's sales fell 7%. Nevertheless Toyota still increased its market share in the US during this quarter to 17.4%. Sales were also weaker Europe and Japan.[1]
For Q2 2008 Toyota's net income fell to $3.2 billion, 28% than Q2 2007. Revenues fell 4.7%. This was largely a result of much fewer sales for Toyota's larger vehicles in the US, where overall sales fell 7% from the same period a year earlier. Despite this, Toyota still increased its market share in the US to 17.4%. Sales were also weaker in Western Europe and Japan.[1]
For Q2 2008 Toyota's net income fell to $3.2 billion, 28% than Q2 2007. Revenues fell 4.7%. This was largely a result of much fewer sales for Toyota's larger vehicles in the US, where overall sales fell 7% from the same period a year earlier. Despite this, Toyota still increased its market share in the US to 17.4%. Sales were also weaker in Western Europe and Japan.http://www.iht.com/articles/2008/08/07/business/toyota.php
For Q2 2008 Toyota's net income fell to $3.2 billion, 28% less than Q2 2007. Revenues fell 4.7%. This was largely a result of much reduced sales for Toyota's larger vehicles in the US, where Toyota's overall sales fell 7% from the same period a year earlier. Despite this, Toyota still increased its market share in the US to 17.4%. Sales were also weaker in Western Europe and Japan.[1]
Toyota expects global unit sales of 9.36 million vehicles for 2007, up 6% from the year before, a level that could put it ahead of rival General Motors as the world's largest auto seller on an annual basis. Toyota, powered by rapid growth in markets like China and Russia, also said for 2008 it aims to boost global sales by about 5% to 9.85 million cars, which could put it even further ahead of GM.
The legislation passed today increases the federal standard auto makers must meet to an industry wide 35 mpg for passengers cars, SUVs and small trucks. The standard for cars today is 27.5 mpg and for trucks and SUVs 22.2 mpg. The bill also ramps up production of ethanol use to 36 billion gallons a year by 2022, up from 6 billion gallons of ethanol produced in 2007.
Toyota announces that it has sold over 1 million hybrid vehicles.
Toyota's stock dropped from $121.53 to $116.80/share amidst reports of its low quarterly profits. Although sales remained high, growth slowed and investment expenses cut into profitability.
Despite high sales, Toyota saw its stock price drop from $137.07 to $127.91 in the span of a week, as Congress complained about the undervalued Yen (see exchange rate fluctuations). If Congress wished, it could impose sanctions against Japan that would hamper Toyota's business in the States. House Democrats had earlier written a letter to Treasury Secretary Henry Paulson alleging that Toyota benefited from an unfairly deflated yen.
Toyota's stock price jumped from $131.61 to $137.77 as the company announced plans to form a joint venture with a material belt manufacturer and dissolved a subsidiary.
