Toyota can make up lost sales, says boss

• Source: Shanghai Daily
• [08:43 March 09 2010]
• Comments

Toyota Motor Corp's president said March 8 he believed that sales in North America could recover in March after a sharp decline last month when the auto maker suspended sales of some recalled models.

"I think it's possible (for sales to recover)," Akio Toyoda told reporters after a meeting with Japanese Prime Minister Yukio Hatoyama.

"We are taking steps simultaneously for repairs and a sales recovery. The local staff are working hard at this," Toyoda added.

Toyota's sales in the United States, its biggest market, dropped almost 9 percent in February while rivals such as Ford Motor and General Motors gained ground.

A safety crisis that has led to a recall of some 8.5 million Toyota vehicles globally has damaged Toyota's reputation and kept US dealers from selling some models in inventory through early February until fixes could be made.

To battle the fall-off in its sales, Toyota is looking to win over consumers with unprecedented discounts including zero-percent financing for five years on top-selling models such as the Camry. It will also offer attractive leasing terms and free maintenance for two years for returning Toyota customers.

Looking to put the recall crisis behind him, Toyoda has apologized to the public in the US, Japan and China - Toyota's three biggest markets - over the last month in the hope of regaining consumers' confidence.

Toyoda said he reported to Hatoyama about his testimony at a US congressional hearing about the safety issues last month and his visit to China to address the public.