GAC-Toyota stays put on price cut

• Source: Global Times
• [16:10 June 22 2010]
• Comments

An anonymous source in charge of GAC-Toyota (Guangzhou Toyota) responded to a piece of news reported by Reuters that the company will improve the sales channels when intensified competition comes near.

Reuters reported on June 18 that a senior executive of Toyota Motor Corp had said recently that the automaker will cut its car prices by 30 percent by 2013, to better compete against rivals such as Hyundai.

South Korean cars are cheaper than Japanese ones in Guangzhou's auto market on average, according to Guangzhou Daily.

During the first five months, Beijing Hyundai sold 274,573 vehicles in China, up 30.9 percent year-on-year; GAC-Toyota sold 113,624 units during the same period and gained 85.5 percent from a year earlier.

Agencies and Shi Jierui contributed to this story