Toyota: FY 2014 forecasted profit is highest since Lehman Brothers crisis
Expects to sell 5 million Toyota and Lexus branded vehicles in emerging countries
Toyota Motor Corporation is expected to end the fiscal year ending in March 2014 (FY 2014) with consolidated operating profit of JPY 2.2 trillion restoring the peak level marked for FY 2008. Toyota has plans for Toyota Group to produce 10.12 million units in calendar year 2013 and sell 10.10 million units in FY 2014.
With lessons learned from its experience during the Lehman Brothers crisis, Toyota is aiming for “sustainable growth” by further improving its business efficiency. In April 2013, Toyota announced resolutions to clarify responsibility for operations and earnings and increase the speed of decision-making. To this end, Toyota’s automotive business was divided into four units: Toyota No. 1 covering advanced markets, Toyota No. 2 covering emerging markets, Lexus International and the Unit Center.
The second half of the report will introduce the key plans for Toyota No. 2. These plans include establishing a local integrated production network, developing strategic small vehicles for emerging markets, and selling 5 million units of Toyota and Lexus vehicles (excluding Daihatsu and Hino). Plans for Toyota No. 1 will be introduced in a separate report.
Toyota's sales and earnings are in full-scale recovery (posted in January 2013)
Toyota's earnings improvement plans for development, procurement and production (Posted in June 2012)
Operating profit of JPY 2.2 trillion forecast for FY 2014
Toyota's financial results for the six-month period ended September 30, 2013, showed net revenues of JPY 12.54 triillion (an increase of 14.9% year-over-year(y/y)) and operating profit of JPY 1.26 trillion (an increase of 81.0%). The increase of JPY 561.7 billion included cost reduction efforts of JPY 140 billion and currency fluctuations of JPY540 billion. The consolidated vehicle unit sales totaled 4,468,000 units, a decrease of 1.1%, which was more than offset by 20-yen depreciation of the yen from 79 to 99 yen per US dollar (from 101 to 130 yen per euro).
Toyota forecasts its financial results for the full FY 2014 to include net revenues of JPY 25 trillion and operating profit of JPY 2.2 trillion, which equals to 97% of the JPY 2.27 trillion operating profit marked in the peak FY 2008. The increase in operating profit is due in part to the company's cost reduction efforts totaling JPY 1.5 trillion in five years from FY 2009 to FY 2014 and other profit improvement efforts along with the yen's depreciation.
The above forecast assumes average foreign currency exchange rates of 97 yen per US dollar through the fiscal year based on the 99 yen in the April to September period and the 95 yen through the second half of the fiscal year. Depending on the actual exchange rate in the second half period, Toyota may end the fiscal year with the record high operating profit. Toyota's exchange rate assumptions through the FY 2014 fluctuated from 90 yen per US dollar in May, to 92 yen in August, and again to 97 yen in November. The operating profit forecast for the full fiscal year also increased from JPY 1.8 trillion to JPY 1.94 trillion and to JPY 2.2 trillion.
Toyota's unconsolidated operating profit for FY 2013 was JPY 242.1 billion marking the first profit in five years after FY 2009. The company is expecting an operating profit of JPY 1.04 triillion for FY 2014, close to JPY 1.11 trillion in the peak FY 2008.
Toyota will invest JPY 900 billion on consolidated basis and JPY 790 billion on unconsolidated basis in research and development in FY 2014. Ninety percent of the total amount will be spent at home in Japan for the development of hybrid vehicles, fuel-cell vehicles and other cutting-edge technologies. Introduction of TNGA (Toyota New Global Architecture) is another area of investment.
Toyota is investing JPY 940 billion in equipment on consolidated basis. This includes JPY 440 billion to be invested locally in Japan.
|(in millions of yen)|
|FY2011||FY2012||FY2013||FY2014 Forecast||Apr.-Sep. 2012||Apr.-Sep. 2013|
|Net Revenues Operating profit Profit before income Taxes Net profit||18,993,688 468,279 563,290 408,183||18,583,653 355,627 432,873 283,559||22,064,192 1,320,888 1,403,649 962,163||25,000,000 2,200,000 2,290,000 1,670,000||10,908,354 693,750 794,537 548,269||12,537,485 1,255,475 1,343,525 1,000,623|
|R&D expenses Capital expenditure Depreciation Expenses||730,300 642,300 812,300||779,800 706,700 732,900||807,400 852,700 727,200||900,000 940,000 770,000||407,400 319,200 343,600||476,900 427,200 368,700|
|Market share (Japan)||Toyota (excl. mini)||47.3%||45.5%||48.4%||approx. 48%||48.9%||48.3%|
|Toyota, Daihatsu, Hino||43.7%||43.2%||44.3%||-||45.1%||43.2%|
|Forex||Yen to USD rate||86||79||83||97||79||99|
|Yen to EURO rate||113||109||107||130||101||130|
Source: Toyota's consolidated financial results announced in May and November 2013. Forecast for FY2014 are those announced in November 2013. (Note) FY2013 is the fiscal year ended March 31, 2013.
Factors contributing to increase and decrease of Toyota's consolidated operating profit
|(in billions of yen)|
|Marketing efforts||Fluctuation of exchange rates||Cost improvement efforts||Overhead costs||Reduction of fixed costs, financing||Increase and decrease of operating profit||Operating profit and loss for current fiscal|
|FY2013 (Note 2)||650||150||450||(284.8)||965.2||1,320.8|
|FY 2014 Forecast||115||740||200||(175.8)||879.2||2,200|
|Sources: Toyota's consolidated financial results. Forecast for the full FY 2014 are those announced in November 2013.|
|(Notes) 1.||"Marketing efforts," "sales" and "quantities and model mix" (which vary by the fiscal year) are combined under "marketing efforts."|
|2.||According to Toyota, the company has achieved, in FY 2013, the targets expressed in Toyota Global Vision that was announced in March 2011: consolidated operating profit rate of 5% (equivalent to JPY 1 trillion) and restoration of the company to profitability (unconsolidated) under the precondition of the exchange rate of USD 1= JPY 85 and Toyota and Lexus sales volume of 7.5 million vehicles. The main contributors included reduction of capital investment and continued efforts toward cost reduction. It is said that Toyota can now maintain profits only from Toyota and Lexus-brand vehicle sales of 7 million.|
Changes in forecasts for net revenues and operating profit for FY 2014 at different times of announcement
|Announced in May 2013||Announced in August, 2013||Announced in November, 2013|
|Business forecast (in billions of yen)||Net Revenues(in billions of JPY)||23,500||24,000||25,000|
|Consolidated Operating Profit (in billions of JPY)||1,800||1,940||2,200|
|Operating Income increase from Forex||400||520||740|
|Exchange rates for full fiscal year||1 USD||90 yen||92 yen||97 yen|
|1 EURO||120 yen||122 yen||130 yen|
|Consolidated unit sales||9,100,000||9,100,000||9,100,000|
|(Notes) 1.||The consolidated vehicle unit sales do not include those produced and shipped by joint-ventures in China and other unconsolidated companies.|
|2.||The consolidated vehicle unit sales forecast for the full-year of FY 2014 remain unchanged at 9.1 million units. The regional forecast for Asia, however, was reduced by 120,000 units from the May announcement of 1.76 million units to 1.64 million units in November. To make up for the decrease, the sales forecast for Japan was increased by 110,000 units to 2.23 million units in anticipation of last-minute demand before the tax hike. In addition, sales forecast for Middle East was increased by 10,000 units.|
Toyota Group's sales plan for 10.10 million units in FY 2014
In August 2013, Toyota announced that Toyota Group's production including Daihatsu, Hino (also including those produced by joint-venture companies in China and other unconsolidated companies) in 2013 would reach 10.12 million units topping the 10 million units mark for the first time.
The Group's vehicle retail sales will total 9.96 million units at the end of the calendar year 2013 and 10.10 million units in FY 2014 (ending in March 2014), also topping the 10 million units mark (compared to the past record-high of 9.43 million units in FY 2008).
Toyota's production (excluding those by Daihatsu and Hino) in Japan in 2013 is planned for 3.35 million units. However, production in Japan in 2014 is likely to fall to around 3 million units due to a rebound from last-minute demand related to the tax hike in April 2014. Although it is barely enough for the company to stay competitive, Toyota regards it as a temporal plunge resulting from an advance demand.
Sources: Results and forecasts announced at the end of respective years. Figures for 2009 are taken from Toyota website for lack of the year-end announcement. Plans for 2013 are those announced in August 2013. (Note) Group's production and total retail sales include production and shipments by joint-venture companies in China and other unconsolidated companies.
Total Retail Sales
|Group's Total Retail Sales||9,430||8,327||8,139||8,423||8,334||9,692||10,100|
Source: Toyota's consolidated financial results
Toyota's global vehicle production and sales plan for 2013
|Plan for 2013||Vehicle Retail Sales||Japan||1,550||620||40||2,220|
Source: Toyota's press release dated August 2, 2013
Organizational change to ensure clearer earnings responsibility and faster decision-making
Toyota is restoring profitability. In the course of recovery from the Lehman Brothers crisis, the company learned a lesson that sustainable growth was more important and that "always better cars" is what drives the sustainable growth.
Toyota has grown in scale to produce and sell 9 million vehicles under Toyota and Lexus brand a year in 2013. In view that the corporate scale has grown beyond control by a single president, Toyota decided to split the automotive business into four business units: Toyota No. 1 (covering advanced markets), Toyota No. 2 (covering emerging markets), Lexus International (Lexus business) and Unit Center (powertrain components). The decision was made to clarify operations and earnings responsibilities, speed up the decision-making process, and attain competitiveness that will lead to the company's sustainable growth.
Toyota No. 1, in charge of advanced markets, will initially support Lexus International and businesses in emerging markets as they will require large fixed investments to establish the brand and build the network for production and sales.
Toyota No. 2, in charge of emerging markets, is reorganized from three regional groups including China to five groups. The main targets are China, which is the largest market in the world, the ASEAN region, and India and Brazil with growth potential. Myanmar, Cambodia and Kenya are considered as future strategic markets. When Toyota and Lexus vehicle sales increase to 10 million units in the future, half the total quantity (5 million) will fall under the responsibility of Toyota No. 2.
Another organizational change is conducted for making medium- to long-term product plans. Toyota New Global Architecture (TNGA) Planning Division and Product & Business Planning Division are established as independent divisions. Their immediate responsibility is to develop vehicles that will lead the world in terms of market value, cost and quality. The new models developed by TNGA are expected to reach markets from around 2015.
Four business units of automotive business (effective April 1, 2013)
|Lexus International||Global headquarters of Lexus brand under direct control of President Toyoda|
|Toyota No. 1||In charge of North America, Europe and Japan||Integrated Toyota-brand business from planning,production,and to sales|
|Toyota No. 2||In charge of China, Asia & Middle East, East Asia & Oceania, Africa, Latin America & Caribbean|
|Unit Center||All operations from powertrain component planning and development to production engineering under control by the vice-president doubling as the Center's director|
Source: Toyota PR material of March 16, 2013
Reorganization of region groups
|Before change (6 groups)||After change (8 groups)|
|Asia & Oceania, Middle East, Africa & Latin America||East Asia & Oceania||Toyota No. 2|
|Asia & Middle East|
|Latin America & Caribbean|
|North America||Toyota No. 1|
|Domestic sales (Japan)|
(Note) Europe is the only region that currently has a non-Japanese group director. The North American, African and Latin American regions each will soon have a non-Japanese director.
New divisions with an overall corporate-wide responsibility
|TNGA Planning Division||To formulate technology-based medium to long-term strategies for products (vehicles and unit components)and keep promoting "ever-better cars"|
|Product & Business Planning Division||To formulate market-based medium-term strategies for products and business|
Increasing vehicle production capacities in emerging countries
Toyota plans to increase the ratio of its sales (excluding Daihatsu and Hino) in emerging countries from 45% in 2012 to 50% in 2015. Toyota only has limited market shares in many emerging markets and, there is much room for market expansion.
In 2012 to 2013, Toyota started production at new plants, increased capacities at existing plants, and announced future plans as shown below. Annual capacities in main countries will be increased to 140,000 units in Brazil, 310,000 units in India, 250,000 units in Indonesia and 770,000 units in Thailand.
In addition, Toyota has established Knock-Down (KD) Business Planning Division to expand KD production in emerging countries.
While medium- to long-term growth is expected in emerging countries, Toyota is facing problems in Asia. These include higher interest rates in India and a decline in Thai demand due to the discontinued tax privileges. As a result, Toyota's consolidated sales in Asia from April to September 2013 plunged to 780,000 units from 840,000 units a year earlier. Accordingly, Toyota announced a moderate forecast for the full fiscal year at 1.84 million units, down 44,000 units from the previous fiscal year.
Building new plants and increasing capacities at existing plants for completed vehicles in emerging countries
|Country and plants||Production model||Annual capacity||Start of production||Investment|
|India||2nd Plant (Note 1)||Etios, Corolla Altis||Increased from 70,000 to 210,000 units||Early 2013||JPY 17.2 billion|
|China||Sichuan FAW Toyota's Changchun New Plant||Corolla (Switched to RAV4 since September 2013)||100,000||May 2012||Approx. JPY 50 billion|
|Sichuan FAW Toyota's Chengdu Plant (Note 2)||Land Cruiser Prado||Increased from 30,000 to 50,000 units||March 2015||Approx. JPY 5 billion|
|Brazil||Sorocaba Plant (Note 3)||Etios||70,000||September 2012||USD 0.6 billion|
|Thailand||Gateway 2nd Plant (Note 4)||Small passenger car||80,000||August 2013||JPY 34 billion|
|Indonesia||Karawang 2nd Plant (Note 5)||Etios Valco||70,000||March 2013||JPY 33 billion|
|Kazakhstan (Note 6)||Fortuner (Complete Knockdown(CKD) production)||3,000 units per year||Spring 2014|
|Russia||Vladivostok (Note 7)||Land Cruiser Prado (CKD production)||1,000 units per year||February 2013|
|St. Petersburg (Note 8)||RAV4 (CKD production)||Increased from 50,000 to 100,000 units||2016||JPY 18 billion|
|Argentina (Note 9)||Hilux/Fortuner||Increased from 92,000 to 140,000 units||End of 2015||JPY 17 billion|
|(Notes) 1.||The capacity at the second plant in India was increased to 120,000 units in the first half of 2012 and to 210,000 units in early 2013. Toyota now has total annual production capacity of 310,000 units at the two plants in India.|
|2.||Production of the 2.7-liter engine-powered Land Cruiser Prado will start at Sichuan FAW Toyota Motor's Chengdu plant where the 4.0-liter Prado is being produced.|
|3.||The Sorocaba plant in Brazil has been producing the Etios since September 2012. Total production capacity in Brazil was increased to 140,000 units. The company is considering increasing the capacity further at the Sorocaba plant depending on demand fluctuation.|
|4.||Operation started at the Gateway No. 2 plant in Thailand in August 2013. This has increased Toyota's total annual production capacity in Thailand to 770,000 units including the figures at four existing plants (Samrong, Gateway No. 1, Ban Pho, Thai Auto Works). In 2012, Toyota produced a total of 881,000 units with regular shifts plus overtime work.|
|5.||In March 2013, production of a small-sized model, the Etios Valco, started at the Karawang No. 2 plant in Indonesia. The plant's anuual production capacity will be 120,000 units at the beginning of 2014. This will increase the total capacity in Indonesia to 250,000 units per year.|
|6.||In January 2013, Toyota's KD production group was promoted as the KD Business Planning Division. Toyota began CKD production of the Fortuner in Pakistan where the Corolla and the Hilux have been produced since 1993. Parts are exported from Japan and Thailand to assemble 2,000 units of the Fortuner annually.|
|7.||Assembly of the Land Cruiser Prado started at Sollers-Bussan's new plant in Vladivostok, Russia. The assembled vehicles are delivered mainly by railways and sold by Toyota's sales channel.|
|8.||Toyota imported and sold 27,000 units of the RAV4 in Russia in January to August 2013. The RAV4 has become the company's best-selling model in Russia. The Camry is currently produced at the St. Petersburg plant and CKD production of the RAV4 will be added starting in 2016.|
|9.||Toyota exported 63,000 units from the plant in Argentina in 2012 to 15 countries in Central and South Americas including Brazil. The new export quantity after the capacity increase will be around 110,000 units. Toyota will increase production capacity in view of the demand increase in the future.|
Producing more engines with higher local content ratios in emerging countries
Local production of engines is the key factor to stay competitive in emerging countries where low-priced models are in high demand. In this regard, Toyota is strengthening engine production capacities in those countries.
Main engine components are currently shipped from Japan and assembled locally in emerging countries. Thailand is an exception where Toyota is introducing integrated local production from casting to final assembly.
Building new and increasing capacity of existing powertrain plants in emerging countries
|Country and plants||Items||Capacity||Start of production||Investment|
|China||CVT Plant in Jiangsu||CVT||240,000||September 2014||USD 285 million|
|India||TKAP Engine Plant||Petrol engine for Etios||100,000||Autumn 2012||JPY 9 billion|
|TKAP Transmission Plant||Transmission for Etios||240,000||Early 2013|
|Toyota Industries (Note 1)||Diesel engine for IMV Series||110,000||Spring 2015|
|Thailand||Siam Toyota Manufacturing (STM) (Note 2)||Petrol engine||Increased from 580,000 to 680,000||Early 2014||JPY 14 billion|
|Diesel engine for IMV Series||Increased from 320,000 to 610,000||2015||JPY 40 billion|
|Brazil||Engine Plant (Note 3)||Four-cylinder engine||200,000||Second half of 2015|
|Indonesia||New Engine Plant (Note 4)||Engine for passenger car||216,000||First half of 2016||JPY 23 billion|
|(Notes) 1.||The KD type 2500 to 3000cc diesel engines for Toyota's next IMVs (Innovative International Multi-purpose Vehicles) reportedly will be produced for Toyota by Toyota Industries in India. The engines are currently produced at Toyota's Thai plant and Toyota Industries' Higashichita plant in Japan.|
|2-1.||Toyota's production capacity for gasoline engines in Thailand will be increased by 100,000 units to 680,000 units in early 2014. The additional 100,000 units will be produced locally from casting to final assembly. The other engine parts will be shipped from Japan as before for local assembly.|
|2-2.||The production capacity for diesel engines will be increased from 320,000 to 610,000 units for use on the next IMV models. The additional 290,000 units will be produced locally from casting of engine blocks to final assembly. When all capacity increase plans go well, Toyota's engine production capacity in Thailand will amount to 1.29 million units in 2015. The company reportedly plans to further increase the capacity by 70,000 units.|
|3.||The engine plant in Brazil will produce 1.3- and 1.5-liter engines for the Etios. The plant will also produce 1.8- and 2.0-liter engines for the Corolla currently produced at the Indaiatuba plant.|
|4.||The Sunter No. 1 plant in Indonesia is producing engines for IMVs (annual production capacity of 195,000 units) and exporting them to the ASEAN countries, Central and South America and Africa. The new plant will produce 1200cc to 1500cc engines starting in 2016 for the all-new small cars that will reach markets in the future. Toyota has plans to export the engines.|
|5-1.||Daihatsu is renovating the engine production line at Astra Daihatsu Motor, its subsidiary company in Indonesia. The plant will add a new line that will have equipment to produce engines using locally procured parts. This line will increase the company's local content ratio from 50% to 80%. Production of engines will be switched gradually from the existing line to the new one. The total annual production capacity will remain the same (530,000 units). The renovation will increase the company's cost competitiveness and improve quality.|
|5-2.||Astra Daihatsu Motor produced 256,000 vehicles, including 158,000 Toyota vehicles, in April to September 2013.|
Developing small cars for emerging countries jointly with Daihatsu
Toyota No. 2 will strengthen Toyota's competitive arenas such as commercial vehicles and IMVs. The division will develop small cars in A- and B-segments that are scarce in Toyota's portfolio in emerging markets. Low-priced small cars are in high demand in emerging markets, and Toyota need to develop a vehicle with different perspectives from traditional Toyota-brand vehicles. The company will collaborate with Daihatsu to develop such cars.
Toyota has been producing the Etios in India since 2010 and in Brazil since 2012. The Etios is Toyota's strategic model that was developed targeting emerging countries. It resulted from a careful research in market needs in India and other parts of Asia. The Etios has a starting price of INR 550,000. It was developed for a higher-than-average market in India where INR 300,000-class cars are in highest demand. It is reported that Toyota failed to lower the cost to a necessary level. The Etios (sedan) and Etios Liva (hatchback) sold 51,354 units combined from January to October in India, beaten by Honda's combined sales of 69,623 units of the Brio (hatchback) and Amaze (sedan) for the same time frame.
In September 2013, the Agya, produced and supplied by Daihatsu, was launched in Indonesia. Its price ranges from IDR 99 million to IDR 120 million.
Additionally, Toyota launched all-new B-segment models, the Vios and Yaris, in Thailand and China in 2013.
It is said that Toyota has plans to collaborate with Daihatsu to develop A-segment models for emerging countries at half the cost of conventional models, and launch them in 2018.
Toyota's model plans for emerging countries
|Etios||India, Brazil||Production of the Etios started in 2010 in India. The Etios sedan measures 4265mm by 1695mm by 1510mm and is powered by 1500cc petrol or 1360cc diesel engine. Its price starts from INR 550,000. The hatchback version, Etios Liva, has the overall length of 3775mm and a 1200cc gasoline engine. Its price starts from INR 450,000. All other specs are the same as the sedan.|
|Indonesia||The Etios Valco is a small hatchback model powered by 1200cc petrol engine. Its price ranges from IDR 135 to IDR 161 million. It has a local content ratio of 55% which will be increased to over 80%.|
|New Vios||Thailand||In March 2013, Toyota launched the all-new Vios, a B-segment model produced at Gateway No. 1 plant in Thailand. It is powered by 1500cc engine and measures 4410mm by 1700mm by 1475mm. Its price ranges from THB 559,000 to THB 734,000.|
|Toyota will produce approximately 130,000 units of the all-new Vios a year in Thailand. Toyota will sell over 80,000 units locally in Thailand, and export over 40,000 units to more than 80 countries.|
|China||Production and sales of the all-new Vios started in China in November 2013. The car has the record-high local content ratio of 18% from local Chinese suppliers alone.|
|Other countries||KD production of the all-new Vios in Malaysia and Taiwan is planned as was the case with the previous model.|
|New Yaris||Thailand||In October 2013, Toyota launched the all-new Yaris in Thailand. The previous versions were identical with the Vitz or Yaris sold in Japan and Europe. The new Yaris was developed on an all-new platform targeting emerging countries. Fitted with 1200cc engine and CVT, the new Yaris complies with the Thai government's eco-car program. Its price ranges from THB 469,000 to THB 599,000.|
|China||Production of the new Yaris in China will start at the end of 2013 along with the Vios.|
|Agya||Indonesia||In September 2013, the Toyota Agya, produced and supplied by Daihatsu, was launched in Indonesia. It is powered by 1000cc engine and is 3600mm long. The basic MT model has vehicle weight of 740kg. The Agya's price ranges from IDR 99 million to IDR 120 million. The price of the Daihatsu Ayla ranges from IDR 76.1 million to IDR 106.5 million as it is offered as the most affordable car sold by Japanese OEMs in Indonesia. Both the Agya and the Ayla are approved under the Indonesian government's LCGC (Low Cost Green Car) program.|
|IMV Series||Emerging countries||Full redesigning is slated for 2015 in accordance with TNGA (Toyota New Global Architecture).|
Developing new A-segment vehicles for emerging countries jointly with Daihatsu
|New A-segment vehicles||Emerging countries||Toyota reportedly is collaborating with Daihatsu to develop A-segment models for emerging countries at half the cost of existing models. Their market launch is scheduled for 2018 at the earliest. The new A-segment models will be developed in accordance with TNGA.|
|Toyota plans to increase local content ratios starting from raw materials. The company reportedly is reviewing the strict quality standards currently applied to its suppliers, and will introduce more general standards to accept low-priced parts and allow production by native local suppliers other than those in Toyota Group.|
Sales Forecast by LMC Automotive: Toyota group sales forecast in major 54 countries through 2016
|(LMC Automotive, October, 2013)|
LMC Automotive forecasts that Toyota Group's light vehicle sales in major 54 countries will be 9,268,000 units in 2016, up by 7.7% from 2012.
LMC Automotive comments that Toyota will retain its present strategy; to expand its hybrid products in response to growing eco-friendly vehicle needs, mainly in the Japanese and North American markets, and to add affordable small car models to emerging markets in Asia and South American markets. Sales in US will increase to 2,369,600 units in 2016, up by 13.8% from 2012.
[Also the company forecasts] that the negative impact of political issues in China is to gradually ease, and for sales in China to start growing in 2014, reaching 1 million units by 2015, though there is little doubt that the dispute has taken a toll on most Japanese OEMs' sales. However, the Japanese market is shrinking, and LMC assumes it will remain at the 2 million unit level in the long run.
The following data is the forecast of 54 major countries (countries in the Middle East, etc. not included).
Toyota Group Sales Forecast of 54 major countries by LMC Automotive.
|54 Countries Total||7,465,878||6,995,029||8,602,344||8,559,172||8,588,101||8,942,464||9,267,660|
|Source: LMC Automotive "Global Automotive Sales Forecast (October, 2013)"|
|(Notes) 1.||Data indicates figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.|
|2.||All rights reserved. Reproduction of any data will require permission of LMC Automotive.|
|3.||For more detailed information or inquiries of forecast data, please contact LMC Automotive.|
<Automotive Industry Portal MarkLines>