Toyota Beats GM, Volkswagen To Occupy Top Spot

Toyota Beats GM, Volkswagen To Occupy Top Spot
<a href="">bernardsie</a> / Pixabay

Toyota Motor Corporation (NYSE:TM) (TYO:7203) outsold General Motors Company (NYSE:GM) and Germany’s Volkswagen AG (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW) in the July-September quarter. The Japanese carmaker has benefited immensely from Abenomics. Toyota Motor Corporation (NYSE:TM) (TYO:7203)’s groupwide sales rose 2.8% YoY to 2.5 million vehicles. The Toyota City-based company’s groupwide figure includes sales at its subsidiaries Hino Motors and Daihatsu Motor Co.

Toyota Beats GM, Volkswagen To Occupy Top Spot

Toyota gets unfair advantage in international markets

Detroit-based General Motors Company (NYSE:GM) sold 2.4 million vehicles during the third quarter, up 5.5% from the last year. Volkswagen AG (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW) sold 2.33 million vehicles excluding heavy trucks in the same period, according to company data. Japanese prime minister Shinzo Abe’s economic policies have weakened the yen, giving an unfair advantage to Japanese exporters, including Toyota Motor Corporation in international markets. It allows Japanese companies to price their products more competitively or offer more incentives to customers.

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For the first nine months of this year, Toyota Motor Corporation (NYSE:TM) (TYO:7203) sold 7.412 million vehicles. The company is ahead of its key rivals General Motors, which sold 7.25 million units, and Volkswagen AG (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW) which sold 7.03 million vehicles in the same period. The trend so far suggests that the Japanese automaker is set to lead the auto industry for the second consecutive year.

Toyota Motor Corporation (NYSE:TM) (TYO:7203)’s U.S. deliveries surged 12% to 586,016 in the quarter ending September 30. It outsold Ford Motor Company (NYSE:F) for the first time in 15 quarters, according to Ma Jie & Yuki Hagiwara of Bloomberg. Meanwhile, General Motors Company (NYSE:GM) sold 697,113 units in the U.S. Honda Motor Co Ltd (NYSE:HMC) (TYO:7267) also posted a 13% increase in U.S. sales, helped by a weaker yen. Ford Motor Company (NYSE:F) CEO Alan Mullaly criticized Japan’s “currency manipulation practices” that give an unfair edge to local exporters.

Toyota Motor Corporation (NYSE:TM) (TYO:7203) regained its position as the world’s largest automaker in 2012. The company had fallen to third rank behind General Motors Co. (NYSE:GM) and Volkswagen AG (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW) in 2011 after the natural disaster in Japan. Before that, Toyota Motor Corporation (NYSE:TM) (TYO:7203) had been the top automaker from 2008 to 2010.

GM still beats Toyota in China

Toyota Motor Corporation (NYSE:TM) (TYO:7203) posted 11% increase in its China sales in July-September quarter. The company sold 220,000 vehicles in the world’s largest car market. However, General Motors Company (NYSE:GM) sold 745,026 vehicles in the country, up 12% from last year. Volkswagen AG (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW) was also ahead of the Japanese automaker by selling 800,000 units in China & Hong Kong.

Toyota Motor Corporation (NYSE:TM) (TYO:7203) was hurt in other Asian countries where it rules. Demand in Indonesia slumped 10% for the quarter. Thailand also witnessed a 25% decline in auto sales during the third quarter as a government program to boost car sales ended. Toyota Motor Corporation (NYSE:TM) (TYO:7203) has 90% market share in Thailand.

American shares of Toyota Motor Corporation (NYSE:TM) (TYO:7203) were almost unchanged at $128.81 at 9:38 AM EDT.

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