The world’s second largest automobile manufacturer Toyota cuts its 2009 sales forecast by 6.7 percent as in the US (its biggest market) demand for the trucks fell down because gasoline is near $4 a gallon.
In a statement it’s representative said, the company has dropped down and targeted 9.7 vehicles for the next year to sell worldwide as earlier the estimation was to sell 10.4 million vehicles.
Due to the 34 percent hike in the price of gasoline, Toyota has halted Sequoia’s production and Tundra pickups for three months in the US. The industry wide sales are being threatened by the increased gasoline prices and may push down to a 15 years low. Offsetting sagging demand in North America and Europe, Toyota’s President Katsuaki Watanabe is interested to expand in India, China and Brazil.
“The operating environment is getting tougher, that’s for sure,” said Edwin Merner, who oversees $2 billion as president of Atlantis Investment Research Corp. in Tokyo. “Those numbers are fairly realistic.”
Earlier Toyota’s 2009 North American sales forecast was estimated to be up to 3 million which is now dropped down to 2.7 million. In Japan the previous estimation was of 2.4 million which only remained 2.25 million units. Sales in Europe have turned to 1.3 million units from 1.45 million.
Its two subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. are included in the forecast.
