Toyota Motor Corp. forecasts car sales growth in the U.S in 2014

The largest automaker in the world – Toyota Motor Corp. forecasts sales growth in the U.S. The company expects to reach 2.3 million vehicles sold this year, which is an increase by 100,000 vehicles and about 4-5% more than the units sold in 2013.

The forecast was announced yesterday in Detroit by Jim Lentz, who is the companys chief in North America. According to researcher Autodata Corp., the last years deliveries of Toyota rose to 2.24 million vehicles, which is a 7.4%-increase. Thanks to the fact that the economy recovers and the unemployment rate declines, it looks like that the year may prove out to be quite successful for Toyota. Analysts say 2014 may be the second time since the World War II that the U.S. Auto market has expanded for five straight years.

At an industry conference, Mr. Jim Lentz said: “Automakers have enjoyed four consecutive year-over-year sales increases. This year we believe that the industry will start entering a leveling-off period and continues sales growth will be more a result of economic gains rather than pent-up demand.” He also said: “Steady economic growth and a falling unemployment rate means Americans could start spending more freely again.”

The company forecasts overall industry sales in the U.S. that are estimated to 16 million vehicles. Last years sale rose by 7.6% to 15.6 million units and were the highest ones since 2007.

The last period when the sales in the automotive sector in the U.S. Rose for five straight years was the period between 1996 and 2000. The average estimate of 13 analysts in a survey made by Bloomberg News in September 2013 is that the deliveries of new cars and light trucks may rise to 16.1 million in 2014.

On January the 1st, Toyota named David Zuchowski as the new Chief Executive Officer of its operations in the U.S. in order to revive its market-share gains. The company is also expected to introduce new models on the market, such as the Lexus RC-F. This information came from Mr. Lentz, who also announced that the company also plans to launch 16 new or redesigned hybrid vehicles globally between August 2013 and 2015. Currently, Toyota and Lexus offer 12 hybrids for sale on the U.S. market. According to Mr. Lentz, the Camry was the best-selling car in the U.S. for a 12th consecutive year.

According to Bloomberg, the current share price of Toyota Motor Corp. is 0.32% up, and its one-year return rate is 50.95% up.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News