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Toyota seeks disaster-free year
Posted on 23 Mar 20124,113 Views Comments
Having coped with calamities in 2011 in Japan and Thailand, Toyota Motor Corp. is hoping for a disaster-free year ahead
The Japanese car-maker is looking forward to a disaster-free year after calamities in Japan and Thailand hobbled production, causing Toyota to lose the global sales lead to its competition – General Motors Co.
"I feel that we have hit rock bottom and that we are turning the corner," said Akio Toyoda, President, Toyota Motor Corp, in a report carried by Economic Times. "What we want more than anything is for nothing to go wrong this year."
The maker is forecasting group sales to climb 21 percent to a record 9.58 million vehicles this year post natural disasters. Toyota had also recalled more than 10 million Toyota and Lexus vehicles worldwide in 2009 and 2010 for defects associated with unintended acceleration.
"Compared to when Toyota's profits were at a record, there is the strong yen," said Takashi Aoki, senior fund manager at Mizuho Asset Management. "Toyota needs to reduce the impact from the strong yen by cutting costs of cars." The Japanese currency is still too strong, and needs to weaken to 95-100 for yen to be at "an appropriate level," said Toyoda.
The yen, which appreciated more than any major currency for two straight years, is the worst performer this quarter after its value depreciated more than 7 percent against the dollar.
In China, the company plans to focus on increasing sales of hybrid vehicles. Among its plans for India, Toyota may launch an updated Camry aside from the new Prius.
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