Toyota Motor Corporation expects record high sales of 10.77 million vehicles in 2020
- Toyota expects to sell a total of 10.77 million vehicles in the upcoming year.
- The sales forecast pushes Toyota closer to Volkswagen that sold 10.83 million vehicles in 2018.
- Toyota's performance in the stock market has remained largely upbeat in 2019.
The Japanese multinational automotive company, Toyota, announced on Tuesday that it expects its vehicles to register record-high sales in the year 2020. Toyota has a reputation of being the 10th largest company across the globe with over 364,445 employees worldwide. As per a report, a new Toyota vehicle is released from one of its production houses in every three seconds.
Toyota’s announcement on Tuesday came amidst the drop in demand in two of its largest markets, the United States of America and China, due to the long-held trade dispute that has only recently started to deescalate.
Toyota Had Expected To Sell 10.72 Million Vehicles In 2019
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At the start of 2019, Toyota had anticipated a total of 10.72 million vehicles to be sold across the globe. With the next year right around the corner, the company has upgraded its forecast for 2020 and highlighted that it expects a total of 10.77 million vehicles to be sold in the upcoming year. The figure includes all vehicles including the ones sold under the banners of Toyota, Daihatsu, Lexus, and Hino trucks.
Toyota also highlighted that the competition is at an all-time high for the largest automakers around the world. It is no longer optional but a necessity for the car manufacturers to boost their annual sales in an attempt to support the operations financially while minimizing costs as much as possible. Automakers from around the world have also been investing heavily in launching vehicles that use next generation technologies such as electric cars and self-driving vehicles. Sizeable investments in such technologies also demand higher sales of vehicles on an annual basis.
Volkswagen Has Remained The World’s Largest Automaker In The Past Five Years
As of 2018, Germany’s Volkswagen has managed to keep its reputation as the largest automaker around the world. Including the heavy trucks under the banner of MAN and Scania, the company sold a total of 10.83 million vehicles in 2018. Volkswagen’s reputation has remained unchallenged in the previous five years.
Toyota’s performance in the stock market has been largely upbeat in 2019 so far. Share prices were seen around 6,346 JPY in January 2019. The stock traded above the opening level for the most part in 2019, except for in June, when it briefly dropped below it. The year-to-date low of 6,343 JPY in June was immediately followed by the upward rallies that printed a yearly high of 7,929 JPY in November. The stock is currently exchanging hands at 7,818 JPY. Toyota Motor Corporation has a market cap of $25.51 trillion as of December 2019.