Toyota profit quadruples to $1.2B despite recalls

I can see Toyota telling Americans to shove it, they will hang around to keep the American car manufactures honest and raise the price of their vehicles to meet the costs of litigation, but there are greener pastures elsewhere and they don't have to put up with the American way of doing business.

"Toyota Motor Corp. is the only major automaker whose U.S. sales have been sluggish despite a recent onslaught of incentives that have boosted other automakers' results -- underlining how its once sterling image continues to be tarnished in that crucial market.

Like other Japanese exporters, Toyota is also fighting damage from a strong yen that erodes the value of overseas earnings.

The world's top automaker by vehicle sales raised its profit forecast for the year through March 2011, albeit modestly, to 350 billion yen ($4.3 billion) from an earlier forecast for 340 billion yen ($4.2 billion) profit.

That would mark a 67 percent rebound from the previous year, when the maker of the Prius hybrid and the Camry sedan was hit hard by the recall woes. But that's a shadow of what it used to rake in during its heyday"

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FatterDumber& Happier Moe
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"FatterDumber& Happier Moe" wrote in message news:4cd3eba0$0$14819$ snipped-for-privacy@news.suddenlink.net...

Toyota's "surprisingly weak" sales also could be driven by "sharply increased competition from Honda, which started offering very generous deals to buyers," Barclays Capital analyst Brian Johnson wrote in a note last week.

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Honda boosted discounts by 66 percent from a year earlier while Nissan raised incentives 28 percent, and Toyota lifted them 27 percent, TrueCar said.

Out of the top 10 selling vehicles in May, six were international nameplates, remaining unchanged from April and March. The Toyota Camry regained its spot as the top selling car in America, moving into the third place slot, up from fifth place the previous month. The Honda Civic also moved up two spots into fourth place. The Honda CR-V slipped off the top ten list to number 13. Overall, the Hyundai Sonata showed the biggest year-over-year improvement with sales up an impressive 91.7 percent over May

2009. All of the top ten vehicles, with the exception of the Toyota Camry (down 6.5 percent), averaged year-over-year sales gains of 34.4 percent, up from 28.2 percent in April
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The site above gives the yard to date (YTD) chart showing the difference in 2009 to 2010 sales in America. Toyota is up 8.9% since last year. That's despite the recalls, and despite Toyota's strongest competitor Honda initiating a very aggressive sales strategy to try and kick Toyota while it was down, and despite all the North America auto unions writing articles to try and convince the public that buying American is better. Didn't work. Let's face it, when companies like Toyota/Lexus, and Honda/Acura have an outstanding historical record of quality product, it takes more than a 2 year period of falters to blow it for them. They still have consumer confidence, and the only people gripping about the recalls still are those who never owned a Toyota in the first place.

Econo-cars.

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econo_cars

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