Toyota’s April sales review
In April, Toyota (TM), the largest Japanese automaker, reported a 4.7% YoY (year-over-year) decrease in its North American sales volume to 192,348 units. In February, the company’s sales rose 3.5% YoY to 222,782 vehicles. Toyota’s Q1 2018 sales of 572,033 units were not far behind Ford’s (F) Q1 2018 home market sales of 577,119 units.
In 2017, Toyota placed third based on global vehicle sales, after the Renault–Nissan–Mitsubishi Alliance and European auto giant Volkswagen (VLKAY). TM offers cars, utility vehicles, and trucks under two key brands, Toyota and Lexus.
Estimates for May sales
Cox Automotive expects Toyota’s sales to rise 0.8% YoY to 220,000 units in May. In contrast, the company’s US market share is expected to fall YoY, to 14.1% from 14.4%. However, WardsAuto expects TM’s US sales to fell 5.8% YoY.
In the first four months of this year, Toyota’s total US car sales have fallen 5.3% to 307,386 units, while its US truck sales have risen significantly, by ~11.5% YoY to 456,995 units. Its truck sales could keep investors’ optimism alive.
Toyota’s US truck sales have grown YoY in 14 out of the last 15 months, expanding its profitability. In general, Toyota Motor’s profit margins are wider than those of peers (VCR) Fiat Chrysler (FCAU), Ford (F), and General Motors (GM). In the most recent reported quarter (ended March 21), Toyota’s adjusted net profit margin was 6.3%, much better than FCAU’s 3.8%, Ford’s 4.4%, and GM’s 5.7%. Continue to the next part, where we’ll learn about Honda’s US sales estimates for May.