Toyota said Tuesday August U.S. sales fell an unexpected 2.8% due to reduced credit availability and weak consumer confidence. Passenger car sales fell 8% to 115,718, while sales of Lexus luxury vehicles climbed 7.7%. Light truck sales were up 2%. Toyota grabbed the number-two U.S. automaker spot as of August from Ford, who Tuesday reported a 14% drop in sales (full story). GM surprised analysts Tuesday, saying its August sales were up 5% over a year ago (full story). "Reduced credit tied to the subprime squeeze challenged consumer confidence this month," said Jim Lentz, Toyota Motor Sales executive VP. "We are holding our own on the strength of a strong dealer body, sustained brand loyalty and a lineup of fresh quality products." Toyota shares are up 1.2% to $117.10 at 2:46 p.m.
Sources: Press release, MarketWatch, Reuters
Commentary: Toyota Zeros In on GM Car Sales Record • Merrill Likes Toyota Even With Strong Yen
Stocks/ETFs to watch: TM. Competitors: F, GM
Earnings call transcript: Toyota Motor F1Q08 (Qtr End 6/30/07)
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