My email address is at the end of this article, but for those who want to send the hate mail because of the title, I thought I'd also put it at the beginning. Contrary to what many readers seem to think, I am not responsible for the strong sales Toyota
Anyway, on with the topic at hand.
Japan's top automaker continues its journey toward becoming the biggest in the world. Toyota reported a 3.5% gain in profits to $2.9 billion for its fiscal third quarter, which ended Dec. 31. Profits rose higher as a result of strong worldwide sales, which climbed by 6% to $44 billion for the quarter. If not for an unfavorable currency rate, higher steel costs, and more research costs, profits could have reached even higher levels.
Toyota exceeded its sales targets in every region. It reported total vehicle sales of 1.84 million for the latest quarter, an increase of 8% from 1.7 million a year ago. In its home market of Japan, Toyota grew sales by 3.5% to 573,000 vehicles for the quarter, while its Japanese market share grew to 44.4%, its highest level ever.
Its North American sales were also strong, growing 2.6% to 576,000 in the quarter. Toyota proved it has something for everyone; there was strong demand for its luxury Lexus models as well as its Scion models, which are geared toward young drivers. For the calendar year, total U.S. sales reached 2.06 million as Toyota controlled 12.2% of the market, which, again, is its biggest share in history.
Contrary to General Motors
With a plethora of vehicles in its lineup covering a vast range of costs and designs, Toyota does indeed have vast appeal. I have no doubt it will continue its drive toward taking over the top spot worldwide. Sorry, folks. I love my country, but Toyota is that good.
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Fool contributor Mike Cianciolo hesitantly welcomes feedback and doesn't own any of the companies in this article.