Toyota releases global sales projections for FY 2020-21, expects a drop of 2 million units

KUALA LUMPUR: It’s been more than two months since the automotive industry witnessed a jerk given by the Covid-19 pandemic. The production and sales of all the world's major car manufacturers have been paused or moving at a meager pace; thus, a negative impact on the financial records is what we can expect at this time. One after the other, automakers are releasing their fourth-quarter results, and of course, a sharp plunge can be observed.

The automotive giant, Toyota also announced its global production and sales figures for the fiscal year 2019-2020. The firm sold 8,958,423 units between April 1, 2019, to March 31, 2020, which represents a slight fall of 18,372 units as compared to the previous fiscal year's 8,976,795 units. However, the figures are remarkable as several markets had lockdown in March.

Let’s have a look at region-wise sales: 

• Japan - 2,239,549 units (+13,372)
• North America - 2,713,165 units (-31,882)
• Europe - 1,028,537 (+34,477)
• Asia - 1,604,870 (-79,624)
• Central America, South America, Oceania, Africa, and the Middle East combinedly - 1,372,302 (+45,285)

In terms of production, the Japanese automaker recorded a fall of 2.2% in FY 2019-20. While in the first quarter of 2020, worldwide production was decreased by 13.6% compared to the same period last year.

Toyota also released the projections for sales in the current Fiscal Year 2020-21. “The coronavirus has dealt us a bigger shock than the 2008 global financial crisis,” Toyota President Akio Toyoda said at a live-streamed media briefing.

Though the decrease in FY 2019-20 was minimal, the drop in sales in the current fiscal year would be severe. The firm expects that it will sell about 7 million cars in the ongoing year, which is 2 million units less, or almost 22% less than FY 2019-20. However, the firm is still unclear about the long term effects of such a decrease. 

Meanwhile, Toyota is marching ahead with full zeal and enthusiasm. The firm states that it will use internal funds for boosting the commercialization of new generation technology, which is more environmentally-friendly and safer.

Also read: 2021 Toyota Prius 2020 Edition marks the 20th anniversary of the model