Phat Matt
10-24-2007, 07:55 AM
Toyota Slips Behind GM, Loses No. 1 Rank
Toyota Motor Corp. slipped back into second place behind General Motors Corp. after reporting on Monday slightly lower sales for the July-September quarter than its U.S. rival.
Toyota sold 2.337 million vehicles in the quarter ended on Sept. 30, the second quarter of the Japanese fiscal year, a 4 percent increase over prior-year levels but a lower figure than GM's sales reported last week of 2.38 million.
For the first nine months of the year, Toyota's sales were up 7 percent over the year-earlier period to 7.05 million vehicles, company spokesman Paul Nolasco said. That was fractionally behind GM's year-to-date sales of 7.06 million vehicles, but most analysts expect Toyota to regain the lead in coming months.
"This slip behind is temporary," said George Magliano, a New York-based analyst with consulting firm Global Insight Inc. "They've basically moved past GM and by the end of the year, they'll put some distance between themselves and GM. That's our forecast," he said.
But Toyota's remarkable expansion has not come without a price. "Toyota has stubbed a few toes in the last couple of months," Magliano said. The automaker has been embroiled in a public relations dispute with environmentalists who accuse Toyota of hypocrisy because it is lobbying for a milder version among the U.S. mileage bills before Congress.
Toyota also has suffered a fresh dent in its once bullet-proof reputation for quality after sliding from first to third place in the latest vehicle ratings by the influential Consumer Reports magazine. Consumer Reports also withdrew its recommendations for three key Toyota models: the four-wheel-drive V-8 Toyota Tundra pickup, the all-wheel-drive version of the Lexus GS sedan, and the V-6 powered Toyota Camry.
Toyota's global quarterly figures include sales of its Daihatsu minicar and Hino truck divisions. The Japanese automaker did not issue a sales statement or offer a breakdown of its sales or any further comment.
GM said last week that its sales gains reflected growth in overseas markets, while its sales in the United States continued to decline. But GM's struggle in its home market has been partly offset by growth, particularly of its Chevrolet brand, in emerging markets.
GM's sales in the combined regions of Africa, Latin America and the Middle East increased by 22 percent in the third quarter. Its vehicle sales in the Asia Pacific region, including the fast-growing China market, were up 16 percent. Its sales rose 15 percent in Europe.
Toyota first overtook GM, the longtime global leader for more than 70 years, in the first quarter of 2007. But its second-quarter sales were slightly lower than GM's, and it remained No. 1 for the first semester by a slender margin of only 39,000 vehicles.
Toyota Motor Corp. slipped back into second place behind General Motors Corp. after reporting on Monday slightly lower sales for the July-September quarter than its U.S. rival.
Toyota sold 2.337 million vehicles in the quarter ended on Sept. 30, the second quarter of the Japanese fiscal year, a 4 percent increase over prior-year levels but a lower figure than GM's sales reported last week of 2.38 million.
For the first nine months of the year, Toyota's sales were up 7 percent over the year-earlier period to 7.05 million vehicles, company spokesman Paul Nolasco said. That was fractionally behind GM's year-to-date sales of 7.06 million vehicles, but most analysts expect Toyota to regain the lead in coming months.
"This slip behind is temporary," said George Magliano, a New York-based analyst with consulting firm Global Insight Inc. "They've basically moved past GM and by the end of the year, they'll put some distance between themselves and GM. That's our forecast," he said.
But Toyota's remarkable expansion has not come without a price. "Toyota has stubbed a few toes in the last couple of months," Magliano said. The automaker has been embroiled in a public relations dispute with environmentalists who accuse Toyota of hypocrisy because it is lobbying for a milder version among the U.S. mileage bills before Congress.
Toyota also has suffered a fresh dent in its once bullet-proof reputation for quality after sliding from first to third place in the latest vehicle ratings by the influential Consumer Reports magazine. Consumer Reports also withdrew its recommendations for three key Toyota models: the four-wheel-drive V-8 Toyota Tundra pickup, the all-wheel-drive version of the Lexus GS sedan, and the V-6 powered Toyota Camry.
Toyota's global quarterly figures include sales of its Daihatsu minicar and Hino truck divisions. The Japanese automaker did not issue a sales statement or offer a breakdown of its sales or any further comment.
GM said last week that its sales gains reflected growth in overseas markets, while its sales in the United States continued to decline. But GM's struggle in its home market has been partly offset by growth, particularly of its Chevrolet brand, in emerging markets.
GM's sales in the combined regions of Africa, Latin America and the Middle East increased by 22 percent in the third quarter. Its vehicle sales in the Asia Pacific region, including the fast-growing China market, were up 16 percent. Its sales rose 15 percent in Europe.
Toyota first overtook GM, the longtime global leader for more than 70 years, in the first quarter of 2007. But its second-quarter sales were slightly lower than GM's, and it remained No. 1 for the first semester by a slender margin of only 39,000 vehicles.