Tweet
Congrats to Toyota! Kicking ass and taking names.
Proof once again that nothing lasts forever.
From the WaPo...
Proof once again that nothing lasts forever.
From the WaPo...
Toyota Tops Auto Industry as Sales Surpass GM
By Howard Schneider
Washington Post Staff Writer
Tuesday, April 24, 2007; 7:48 AM
General Motors Corp.'s 70 years atop the global automotive industry ended in the first three months of this year when its sales slipped behind those of Japanese industrial giant Toyota Motor Corp.
Driven by sales of its gas-efficient Camry and hybrid Prius models, Toyota reported global sales of 2.35 million vehicles in the first quarter of 2007, about 90,000 more vehicles than the quarterly sales reported by GM late last week.
Industry analysts expect the trend to hold up for the full year, a turning point long anticipated by those who track Toyota's steadily increasing market share and popularity with consumers.
"I won't say the trend is impossible to reverse, but it's extremely difficult," said Koji Endo, an analyst for Credit Suisse in Tokyo, in an interview with the Associated Press.
Though GM is enjoying a resurgence of sorts -- with record sales in the first three months, rapid growth in China, and a corporate restructuring that has helped restore profitability -- Toyota's momentum in key markets like the U.S. may prove hard for Detroit to match.
Toyota now has six manufacturing plants in the U.S., with two others planned. It is the No. 3 automaker in the U.S., with a 16 percent market share that puts it ahead of the Chrysler division of DaimlerChrysler and just behind Ford Motor Co. GM remains the top U.S. automaker, with about 22 percent of the American market.
Globally, Toyota's first quarter sales increased more than 9 percent over the same period a year earlier, compared to a roughly 3 percent increase for GM.
Toyota's rise into the No. 1 spot comes at a complex time for the automotive industry.
The number of U.S. manufacturing jobs continues to fall, and the decline of an American corporate icon to a No. 2 position in the world could ignite nationalist sentiment against Toyota.
The Japanese company has tried to downplay its success, saying its concern is to make quality cars, not be the biggest in the world. Earlier this month, the company appointed North American division president James Press to its board of directors -- the first non-Japanese allowed into that inner circle. That move was seen as part of an effort by Toyota to portray itself as a more international company.
At the same time, Congress is debating new vehicle-efficiency standards that could put U.S. automakers at a further disadvantage. The U.S. auto industry has fended off such changes for more than two decades, but increased concern about global warming and the environment has now led even industry-friendly lawmakers to agree that fuel-efficiency improvements are needed.
By Howard Schneider
Washington Post Staff Writer
Tuesday, April 24, 2007; 7:48 AM
General Motors Corp.'s 70 years atop the global automotive industry ended in the first three months of this year when its sales slipped behind those of Japanese industrial giant Toyota Motor Corp.
Driven by sales of its gas-efficient Camry and hybrid Prius models, Toyota reported global sales of 2.35 million vehicles in the first quarter of 2007, about 90,000 more vehicles than the quarterly sales reported by GM late last week.
Industry analysts expect the trend to hold up for the full year, a turning point long anticipated by those who track Toyota's steadily increasing market share and popularity with consumers.
"I won't say the trend is impossible to reverse, but it's extremely difficult," said Koji Endo, an analyst for Credit Suisse in Tokyo, in an interview with the Associated Press.
Though GM is enjoying a resurgence of sorts -- with record sales in the first three months, rapid growth in China, and a corporate restructuring that has helped restore profitability -- Toyota's momentum in key markets like the U.S. may prove hard for Detroit to match.
Toyota now has six manufacturing plants in the U.S., with two others planned. It is the No. 3 automaker in the U.S., with a 16 percent market share that puts it ahead of the Chrysler division of DaimlerChrysler and just behind Ford Motor Co. GM remains the top U.S. automaker, with about 22 percent of the American market.
Globally, Toyota's first quarter sales increased more than 9 percent over the same period a year earlier, compared to a roughly 3 percent increase for GM.
Toyota's rise into the No. 1 spot comes at a complex time for the automotive industry.
The number of U.S. manufacturing jobs continues to fall, and the decline of an American corporate icon to a No. 2 position in the world could ignite nationalist sentiment against Toyota.
The Japanese company has tried to downplay its success, saying its concern is to make quality cars, not be the biggest in the world. Earlier this month, the company appointed North American division president James Press to its board of directors -- the first non-Japanese allowed into that inner circle. That move was seen as part of an effort by Toyota to portray itself as a more international company.
At the same time, Congress is debating new vehicle-efficiency standards that could put U.S. automakers at a further disadvantage. The U.S. auto industry has fended off such changes for more than two decades, but increased concern about global warming and the environment has now led even industry-friendly lawmakers to agree that fuel-efficiency improvements are needed.
Comment