Toyota Motor Corporation’s (TM) Global Vehicle Sales Dropped for a Third Consecutive Month in April, Reuters Reports Toyota Motor Corporation (NYSE:TM) is one of the top 10 undervalued blue chip stocks analysts recommend for smart investing.
Reuters reported on May 28 that, according to a report by Toyota Motor Corporation (NYSE:TM) released on Thursday, the company’s global vehicle sales dropped for a third consecutive month in April, hit primarily by sharp declines in the Middle East and China
It further clarified that global sales fell 3.1% from the prior year period to 849,306 vehicles, while overseas sales dropped 7.5%. However, sales in Japan grew 24.2%, rebounding after earlier purchase delays that took place ahead of an environmental tax change. Reuters also provided a region-wise breakdown, reporting that sales in the Middle East fell 33.7% to just over 31,000 vehicles and dropped 25.4% in China in a backdrop featuring tough market conditions.
Sales in the company’s biggest market, the United States, also dropped 4.6%. Toyota Motor Corporation (NYSE:TM) further stated that global production grew 2.0% in April compared to the prior year period, with a 12.9% growth in Asia helping offset declines in the U.S. and Japan. The company’s figures include its luxury Lexus brand.