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Toyota Hikes Outlook for American Car Market
Toyota Motor Corp. has raised its forecast for industrywide U.S. light vehicle sales this year to the low- to mid-14 million-unit range from its previous prediction of 13.6 million units.
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Toyota Motor Corp. has raised its forecast for industrywide U.S. light vehicle sales this year to the low- to mid-14 million-unit range from its previous prediction of 13.6 million units.
Sales of cars and light trucks rose 13% to 3.5 million units in the first quarter of 2012, which equates to an annualized rate of 14.6 million units. Automakers sold 12.8 million vehicles last year.
Bob Carter, Toyota's U.S. sales chief, tells reporters at the New York auto show that the company expects rising consumer confidence and pent-up demand to continue boosting sales. Carter says demand for fuel-efficient models is being buoyed by steep gasoline prices.
Ford Motor Co. hiked its U.S. sales forecast 5% to 14.2 million-14.7 million light vehicles earlier this week, citing the same reasons.
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