Sunday, January 9, 2011
Toyota sees growth in 2011 despite recall fiasco
Its true that you cannot keep a good man down. or in the auto industry: You cant keep a good brand down.
Despite suffering major embarrassments in the last two years, Toyota is predicting growth in the all important US market for 2011.
The latest surveys show that the brand has nearly recovered from the recall fiasco and consumers are now ranking it either first or second in terms of brands that they would consider for purchase, in fact the influential Kelly's Blue Book indicated that Toyota is back to number one ahead of other brands that consumers would consider.
Their recent study of 25% of shoppers in the third-quarter who visited kbb.com shows that 25% showed interest in Toyota, with 24% looking at Ford and 23% at Honda.
Meanwhile Detroit News reported that Toyota expects to outperform the U.S. auto market this year after underperforming in 2010 after a string of recalls.
Toyota confirmed that the company expects its sales to grow this year at a faster pace than the overall market, helped by the rollout of 10 new or updated models under the Toyota, Scion and Lexus brands.
In the first 11 months of 2010, Toyota's sales were flat and its U.S. market share shrank as the automaker recalled more than 6.7 million vehicles.
The Japanese automaker remains optimistic about the U.S. market's medium-term prospects. It anticipates annual sales will recover to 15 million by 2015, close to the levels preceding the downturn, buoyed by pent-up demand and a growing American population.