Toyota forecasts 10.77 million units in sales for 2020

Toyota forecasts 10.77 million units in sales for 2020

MANILA: Japanese automaker Toyota is anticipating target sales of over 10.77 million car units worldwide in the upcoming year. This is a marginally larger target compared to their 2019 sales forecast of 10.72 million units. Vehicles from their two subsidiaries,

Daihatsu Motor Co. and Hino Motors Ltd. are also included in the forecast. This would be another milestone for Toyota, exceeding their previous targets for the fourth consecutive year and topping 10 million units for the seventh straight year.

Toyota sales forecasts

Should Toyota achieve these figures, it would sit them right next to Volkswagen, which currently holds the number one spot for most automobile sales. Volkswagen sold over 10.08 million units in 2018. The German automaker announced back in October that they expect deliveries to still remain consistent for the upcoming quarters.

Toyota is expecting a good bulk of their sales to come from overseas markets. They forecasted sales in the local Japanese market to only be around 2.26 million units. This is an almost 4 percent decrease in domestic sales. Projections for domestic production will only be around 3.24 million units, a 5.3 percent decline. However, despite the direction of the data, Toyota still intends to maintain the 3 million thresholds in order to retain their labor force.

Toyota sales forecasts

On the other hand, they anticipate that global sales will grow by 2 percent to 8.50 million units, which should make up for the gap in domestic sales.

To meet the demands, the Japanese automaker will be increasing global production by 1 percent to 10.90 million vehicles starting 2020. Output by their overseas manufacturing outfits are expected to be at approximately 6.49 million units. This is a 4.3 percent increase in their global manufacturing endeavours in an effort to meet worldwide demand.

Toyota sales forecasts

This optimistic announcement was made amidst rising trade conflict and economic volatility in the auto industry. The market’s demand has been shifting more towards electric vehicles, self-driving technologies, and ride-hailing business models, causing increased pressure on car manufacturers to remain competitive.

Numerous auto companies have already begun seeking alliances to combat this, including Toyota who has partnerships and equity stakes with Suzuki Motor Corp., Mazda Motor Corp., and Subaru Corp.

Also Read: TRD kits for 2020 Toyota Yaris now available

Sell your car at the best price

Verified and genuine buyers Verified and genuine buyers
Free listing Free listing
List your car

Toyota Car Models

  • Toyota Raize
    Toyota Raize
  • Toyota Hilux
    Toyota Hilux
  • Toyota Vios
    Toyota Vios
  • Toyota Wigo
    Toyota Wigo
  • Toyota Rush
    Toyota Rush
  • Toyota Avanza
    Toyota Avanza
  • Toyota Hiace
    Toyota Hiace
  • Toyota Innova
    Toyota Innova
  • Toyota Fortuner
    Toyota Fortuner
  • Toyota Veloz
    Toyota Veloz
Toyota Cars Price

MIAS 2024

You might also be interested in

  • Upcoming

Latest Toyota Car Videos on Zigwheels

Zigwheels
  • Toyota RAV4 LTD HEV Review | Zigwheels.Ph
    Toyota RAV4 LTD HEV Review | Zigwheels.Ph
    27 Mar, 2024 .
  • The MPV Benchmark | 2024 Toyota Innova E Review | Zigwheels.Ph
    The MPV Benchmark | 2024 Toyota Innova E Review | Zigwheels.Ph
    13 Mar, 2024 .
  • 2024 Toyota Hilux GR-S First Look | Carmudi Philippines
    2024 Toyota Hilux GR-S First Look | Carmudi Philippines
    07 Mar, 2024 .
  • 2023 Toyota Fortuner LTD Review | Carmudi Philippines
    2023 Toyota Fortuner LTD Review | Carmudi Philippines
    07 Mar, 2024 .
  • Toyota Avanza vs Toyota Veloz Comparison: MPV vs SUV? | Zigwheels.Ph
    Toyota Avanza vs Toyota Veloz Comparison: MPV vs SUV? | Zigwheels.Ph
    01 Mar, 2024 .
  • 2023 Toyota Fortuner LTD Review | Carmudi Philippines
    2023 Toyota Fortuner LTD Review | Carmudi Philippines
    30 Jan, 2024 .
  • Z-List Ep. 16 | Why the Toyota Vios Is Still A Best Seller
    Z-List Ep. 16 | Why the Toyota Vios Is Still A Best Seller
    20 Nov, 2023 .
  • Team Toyota Philippines Heads to the TGR GT CUP 2023 ASIA FINALS | Zigwheels.Ph
    Team Toyota Philippines Heads to the TGR GT CUP 2023 ASIA FINALS | Zigwheels.Ph
    26 Sep, 2023 .
  • 2024 Toyota Hilux GR-S First Look | ZigWheels.Ph
    2024 Toyota Hilux GR-S First Look | ZigWheels.Ph
    26 Sep, 2023 .
  • Toyota GR Festival 2023 | Zigwheels.Ph
    Toyota GR Festival 2023 | Zigwheels.Ph
    12 Sep, 2023 .
Latest Toyota Car Videos

Toyota Car Articles From Carmudi

  • journal
  • Toyota PH gets Triple Crown for 22 years in a row
    Toyota PH gets Triple Crown for 22 years in a row
    Ruben Manahan IV, Mar 07, 2024
  • Toyota PH now under Hashimoto's helm
    Toyota PH now under Hashimoto's helm
    Ruben Manahan IV, Feb 24, 2024
  • Toyota Vios variants in PH drop to 6
    Toyota Vios variants in PH drop to 6
    Ruben Manahan IV, Jan 12, 2024
  • Toyota to donate ¥50-M to aid earthquake relief ops
    Toyota to donate ¥50-M to aid earthquake relief ops
    Paulo Papa, Jan 12, 2024
  • Cleanfuel to raffle off a brand-new Toyota Raize
    Cleanfuel to raffle off a brand-new Toyota Raize
    Ruben Manahan IV, Jan 09, 2024

Compare

You can add 3 variants maximum*