Toyota slipped behind General Motors in global sales in the second quarter but retained its lead for the first half of the year, highlighting their neck-and-neck race to be the world's No. 1 automaker.
Revenue and growth rate figures released yesterday indicate that by the end of the year, Toyota Motor Corp could overtake General Motors Corp (GM), which has been the world's largest automaker for the last 76 years. Typically, rankings are determined by full-year production figures, not sales.
Toyota said worldwide sales in the April-to-June quarter totaled 2.37 million vehicles, while GM said its global sales reached 2.41 million.
PHOTO: EPA
In the first quarter, Toyota sold more cars and trucks around the world than GM for the first time ever -- 2.35 million vehicles to GM's 2.27 million.
But strong growth at GM in Latin America, Asia and other emerging markets lifted sales by 0.4 percent in the most recent quarter, again putting it ahead of Toyota.
The Japanese manufacturer said its quarterly sales rose at a much faster rate of 7 percent. Many analysts expect that Toyota will surpass GM in both sales and production for the full year.
Figures tallying sales for the first six months of the year give Toyota the edge, 4.72 million vehicles sold compared with the 4.67 million for GM.
"Toyota is making a solid move to the top," said Shigeru Matsu-mura, an auto analyst with SMBC Friend Securities Co in Tokyo. "The company's comprehensive strength in the fields of production, technology and sales has been made over a long spell. Its solid footing is stronger than that of GM's."
The Toyota City-based automaker has snatched US market share away from Detroit automakers as the surge in oil prices has increased demand for Toyota's fuel-efficient models, including the Corolla, Camry and hybrid Prius.
A decade ago, GM controlled about a third of the US market while Toyota had barely 8 percent. Today, GM's share has dwindled to 24 percent, while Toyota's has climbed to more than 15 percent, a market share comparable to Ford Motor.
GM, meanwhile, is seeing its biggest sales increases outside the US. Its sales in Latin America, Africa and the Middle East grew 19.7 percent during the quarter, while sales in Asia rose 8.2 percent. Sales in Europe rose 4.7 percent, while sales in North America fell 7 percent, the firm said.
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