Toyota Won’t See US Sales Increase Until September

Toyota Won’t See US Sales Increase Until September

Still plagued by the effects of the March 11th earthquake, Toyota won’t be able to turn a profit Stateside until September.

Sales of Toyotas have been plummeting since May: 33% then and 21% in June, and a projected 21-33% for the month of July. This comes on a total 4% slide from the first quarter, even though the rest of the industry saw an increase of 13%. Not good. And to make Toyota’s matters even worse, there’s still a shortage of cars and light trucks for dealer lots—one that won’t be fulfilled for weeks.

“Our market share will begin recovering this month, but it will be September or maybe October before we’re really growing again,” said Bob Carter, Toyota’s vice president for US sales. “We were in too deep a hole, and we’re still digging out.”

Weak consumer confidence is also not helping matters, even though Toyota is launching a boost in incentives to attract consumers. By September, however, Toyota should be back to regular production in both Japan and North America, especially with the new, perennially-popular Camry dropping this fall.

[Source: Bloomberg]