Toyota Motor Corp. led U.S. gains for Asia-based automakers in January after sales rebounded from a recall that halted some deliveries a year earlier.
The world’s largest automaker said yesterday sales in the U.S. jumped 17 percent last month, beating the 16 percent average of four estimates compiled by Bloomberg. Deliveries rose 13 percent for Honda Motor Co., 15 percent for Nissan Motor Co. and 22 percent for Hyundai Motor Co., Bloomberg reported.
Toyota’s biggest U.S. recall forced it to halt sales of eight models in January 2010, including the top-selling Camry sedan, to repair sticky accelerator pedals. The Toyota City, Japan-based company has spent the past year fixing vehicles and trying to restore its image for quality after losing some customers to rival brands.
“Toyota’s problems have not evaporated with the coming of the new year,” said Aaron Bragman, an analyst at IHS Automotive in Troy, Michigan. “On the product side, I don’t see a lot of momentum for them right now. Hyundai and Ford have outpaced Toyota.”
Among small cars, Hyundai’s new Elantra and Ford Motor Co.’s Focus may appeal more to consumers than Toyota’s Corolla, the segment’s top-selling car in the U.S., Bragman said.
Incentives
Toyota’s incentive spending per unit sales was $1,962 in January, down $283 from December 2010, according to industry researcher Autodata Corp. Still, Toyota spent 24 percent more on incentives compared with a year earlier, Autodata said. U.S. industrywide incentive spending rose about 2 percent to $2,579 in January from a year ago, it said.
Toyota shares gained 3.3 percent to 3,480 yen as of 12:33 p.m. in Tokyo trading. The stock has gained 8.1 percent this year.
Combined U.S. sales for Japan- and South Korea-based automakers grew 16 percent in January. That trailed a 19 percent increase for U.S.-based General Motors Co., Ford and Chrysler Group LLC, according to Autodata, based in Woodcliff Lake, New Jersey.
Industrywide sales totaled 819,895 cars and light trucks, and the 12.6 million seasonally adjusted annual rate for January matched the fastest pace in 17 months, according to Autodata.
Toyota Sales
Toyota sold 115,856 of its Toyota, Lexus and Scion vehicles, rising from 98,796 a year earlier, which was a low for January since the 1990s. Light trucks, including the RAV4 and Highlander crossover-utility vehicles, Sienna minivans and Tundra pickups, led the company’s gains for the month, rising 45 percent.
January 2010 “was not a very good month for us,” Bob Carter, group vice president for Toyota’s U.S. sales unit, said in a conference call yesterday.
The company expects to grow faster than the industry this year and will in particular boost sales in February and March, Carter said. Starting this week, it’s offering incentives on high-volume Toyota models, including no-interest loans for five years and discounted leases, he said.
For the Camry, Toyota will offer a $500 cash rebate or as much as $1,000 for current Camry owners who buy a new version of the midsize sedan.
Camry, Corolla
Toyota’s aging products, such as the Camry and Corolla, will be a drag on sales for much of the year, said James Bell, an analyst at industry forecaster Kelley Blue Book in Irvine, California.
“They’re probably at least 12 to 18 months away from releasing a new Camry and Corolla, those big volume models that really drive the company’s sales,” said Bell.
Toyota’s U.S. market share was unchanged for the month at 14.1 percent, according to Autodata.
Honda, Japan’s third-largest carmaker, said it boosted U.S. sales of its Honda and Acura brands to 76,269 vehicles from 67,479 a year earlier. Increased deliveries of Odyssey minivans and CR-V and Pilot light trucks helped the Tokyo-based company overcome lower sales of Accord and Civic cars.
Analysts surveyed by Bloomberg expected an average gain of 24 percent for Honda. The company’s market share fell to 9.3 percent last month from 9.7 percent a year earlier, Autodata said.
Nissan, Hyundai, Kia
Nissan, Japan’s second-largest automaker, increased sales of Nissan- and Infiniti-brand vehicles to 71,847 from 62,572, Al Castignetti, vice president of U.S. sales for the Yokohama, Japan-based company, said in an interview. The average analyst estimate was for a 14 percent increase.
Heavy snow in some East Coast states curtailed sales during the month, he said.
“That definitely had an impact, particularly in the northeast, where there were a series of storms,” Castignetti said.
Nissan’s market share fell 0.2 percentage point from a year earlier to 8.8 percent, according to Autodata.
Hyundai, South Korea’s biggest automaker, increased sales to 37,214 vehicles last month from 30,503 a year earlier. Gains were led by the Sonata sedan and included 254 units of the new Equus luxury sedan, the Seoul-based company’s most expensive U.S. model ever, with a $58,000 base price.
Hyundai’s market share for the month rose 0.1 percentage point from a year earlier to 4.5 percent.
Kia Motors Corp., the second-biggest South Korean automaker and a Hyundai affiliate, said sales rose 26 percent to 27,789. Japan’s Mazda Motor Corp. said deliveries declined 9.1 percent. Subaru, the auto brand of Toyota-affiliated Fuji Heavy Industries Ltd., reported a 21 percent increase.
Mitsubishi Motors Corp.’s sales rose 37 percent, and Suzuki Motor Corp.’s deliveries climbed 26 percent.
