Bloomberg said on February 12 that the US market has been a profitable paradise for Toyota in recent years, driven by the legendary Camry. However, although it is still very profitable, the profit margin in the US market is declining, prompting the Japanese automaker to double bet on China.
According to Bloomberg News on February 6, the auto giant's North American business saw a 45% decline in third-quarter earnings, as relatively mild oil prices led consumers to switch from cars such as Camry to pickups and SUVs. However, Toyota's overall operating profit (a key financial indicator that analysts are concerned about) has grown as the company's Asian operations and Japanese auto export business have grown profitably.
The report pointed out that the United States is the focus of Toyota's business. Even if China surpassed the US in 2009 to become the world's largest auto market, the United States still accounts for about one-third of Toyota's global sales. But now, Toyota has the power to shift the battlefield, because US sales continue to shrink, and in China, Toyota, including Lexus luxury brands, is still selling well in the downturn.
The Camry, which has won the best-selling model in the United States for 16 consecutive years, has been hit by the decline in demand for traditional cars. According to the report, six years ago, cars accounted for half of the total market sales; by 2018, cars accounted for only 30% of US car sales, consumers have abandoned classic car models, and turned to Toyota RAV4 and other SUV models.
The report pointed out that in China, the situation is different. A new model like the Takizawa crossover car helped Toyota to grow in China last year and is one of the few global car companies to achieve growth in China. Toyota is launching a new revision of Corolla, which continues to put pressure on the larger rival Ford in markets such as China.
Toyota said it expects China's sales to grow by 8% to 1.6 million in 2019, surpassing Japan for the first time to become the second largest market for Toyota after the United States. This also enhances Toyota's confidence to triple China's production by 2030.
The report said that although competitors such as Daimler, BMW and Ford were hit by trade tensions and import tariffs, Toyota became a beneficiary. Tariffs have increased the price of American-made cars in China, making Toyota's cars exported from Japan to China, especially the Lexus brand, relatively cheap and therefore sought after.
Of course, there is no guarantee that Toyota's Chinese momentum will continue. Bloomberg industry research analysts Steve Man and Kevin Kim believe that once China cuts US car import tariffs from 40% to 15%, Lexus's sales growth in China may slow down; tariff cuts and price cuts should promote US-made Mercedes-Benz And BMW's sales, impact Lexus.
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