Business News

Toyota sales in Europe slip sharply

Jan 16, 2009, 10:28 GMT

Cologne, Germany - Sales of Toyota cars in Europe declined 10 per cent last year to 1.1 million vehicles, data from Toyota Motor Europe (TME) showed Friday. The Japanese automotive giant said its market share in Europe sank by 0.3 of a percentage point compared to 2007 to 5.3 per cent. Foreshadowing new models, the Cologne head office of TME forecast that Toyota would raise its market share to 6 per cent this year. Russia is Toyota's biggest single European market, taking 204,849 cars in 2008, a rise of 30 per cent. Britain and Italy took second and third place. In Germany, Toyota suffered a sharp fall in sales, with barely 97,800 Toyota or Lexus cars newly registered, a decline of 27 per cent for the Toyota brand and 22 per cent for Lexus. German market share fell from 4.2 per cent to 3.1 per cent. TME chief executive Tadashi Arashima said the company had expected last year to be difficult as it had had hardly any new models to introduce. 'Our production and sales volumes were further undermined by the market collapse in the final months of the year,' he said. This year more than 12 new models were to be launched in Europe. Arashima said this would lead to 'long-term, sustainable growth.'

Business News

Toyota sales in Europe slip sharply

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