Toyota sells 3.2 million cars in first nine months of 2018
Toyota has sold 3.3 million cars during the first nine-month period of 2018, a new record for the Japanese automaker, according to a new study from market research firm Autotrader.
The Toyota sales figures come as Toyota prepares to open a new factory in Chattanooga, Tennessee, as part of a plan to expand its U.S. presence and to bring more Japanese brands to the region.
The automaker has long had a history of expanding into the U..
S., but this year it set a new U.K. sales record with 1.7 million cars sold during the same period last year, surpassing the previous record of 1.5 million set by Jaguar Land Rover.
The company’s first quarter results were released on Tuesday and were expected to be particularly positive, with revenue rising 2.6% year-over-year to $6.2 billion.
Sales figures from the second quarter of 2019 showed the automaker reported record profits of $2.6 billion, but also had a record number of vehicle recalls.
Autotracker analyst James Schulz said that despite the improvement in sales, the automakers sales numbers still lag behind what it had hoped for, noting that they are “still well behind what was projected” from the company.
Toyota is a global leader in the design, production and assembly of large-volume, high-performance vehicles, but its recent moves to move more of its manufacturing to the U.
“We are looking at a world where the average car sold is almost two decades old, and Toyota has been selling vehicles in the U to date that are less than a decade old,” Schulz told Bloomberg.
“That will continue.”
Toyota said it will start selling a small car, the Jetta, in the first half of 2020.
The automaker is already making the Jettas in Japan, where they are being built.
Toyota plans to make the car in China.
In its first quarter of 2018 sales, Toyota sold 2.9 million vehicles, more than any other Japanese automakers.
It had more than 7 million vehicles sold in the second half of 2019, while it was only ahead of Volkswagen and Ford, both of which had nearly 8 million vehicles.
Toyotas sales have been trending downward since it reported disappointing sales in the third quarter of 2017.
The company has been making fewer vehicles in recent years, which have led to the sales decline.