Globally, Toyota is doing well despite U.S. Recalls
The executives of Toyota Motor Company must be relieved that the auto industry is now global. The recall mess is causing all sorts of problems in the U.S. market. Toyota’s share of the U.S. market is declining even as you read this post. Add to that the cost of the recall itself as well as lost sales estimated to be $2 billion and it is obvious that Toyota is taking a tremendous hit. But things look different in other countries where the rate of recalls were relatively small. Toyota continues to do well in China where quality problems appear to be an every day thing. In India, the recalls are barely on the radar. That could be because Toyota still has a low profile there. And Toyota continues to experience growth in Indonesia, Thailand, Brazil and South Africa. Sales of Toyotas in Thailand jumped by half in January of 2010 compared to January of 2009. Toyota did take somewhat of a hit in Russia. Recalls there totaled about 160,000 cars. But to counter this, the company is offering special deals on the Corolla, its best selling car in the country. Our take? One could say that it is the developing world that has provided Toyota with a safety net during these times of trial and tribulation. via Detroit News
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