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Friday, July 07, 2006

Toyota Motor (TM) US sales surge in June while GM & Ford's sales fall

Stocks: (TM)(GM)(F)

By Yaser Anwar, CSC of Equity Investment Ideas

The world's second-largest carmaker, Toyota Motor Corp (TM), announced an increase in its US auto sales in June, while the other auto giants posted a decline in sales.

While General Motors, Ford Motor and Chrysler posted a substantial decline in their US sales for the month, Toyota Motor managed to retain its position as the third largest company in the US by reporting a 14% jump in its sales.

Toyota Motor's sales are being driven by the demand for more fuel-efficient cars, which form a prominent part of the company's product lineup. TM's sales have risen 10% during the first half of the current year, helped by the robust sales of the revamped Camry sedan and the new Yaris subcompact.

Bloomberg quoted an analyst at Global Insight Inc, Rebecca Lindland, as saying that the company benefited from its new and redesigned products, which are providing incremental volume and higher sales to offset weak sales of vehicles that are aging.

The executive vice president of Toyota Motor Sales, Jim Lentz, said the company expects the sales momentum to continue at a similar pace over the rest of the year.

Source: NR

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