Toyota lowers forecast as gasoline prices affects SUV sales
July 28, 2008 by Peter Chubb
Filed under Autos
Toyota Motor Corp. has had to lower their sales and production forecast, this has been blamed on the high price of gasoline. The continuing increase in gasoline prices means that Americans are less willing to purchase SUV’s and pickups, which is having an affect on Toyota’s sales targets.
Toyota is expecting to sell 9.5 million vehicles worldwide by the end of the year, that is 3.6 percent down on the 9.85 million target, or 350,000 units. Last year Toyota sold 9.37 million vehicles.
The price of a gallon of gasoline topped $4 last month, this immediately dented SUV sales and Pickups. It was not just Toyota who was affected by this; even General Motors saw sales in SUV’s drop.
As a result Toyota had to suspend production of the Tundra pickups and Sequoia SUVs for three months from August.