Auto Express

Toyota predicts strong 2023, despite Q1 market share decline

Toyota remains the best-selling brand in Australia, but its market share has been hit hard in 2023 as supply struggles continue to intensify.

So far in 2023, it has sold 40,918 cars in Australia, representing a 15.2% market share. This is down from the 22.1% shares it holds at the same time in 2022.

The super sport coupe, LandCruiser wagon, and Kluger Family SUV is the only Toyota model to increase sales from the beginning of the year to date, with camry (-60.9 percent), RAV4 (-44.2 percent), Prado (-57.5 percent) and C-HR (-46.5 percent) of the biggest losers.

UPDATE, 04/08/2023 10:00 am – Story has been updated with comment from Sean Hanley. Title was adjusted to “Toyota predicts strong 2023, despite Q1 stock decline”.

As has been the case for the past two years, supply shortages are holding Toyota back.

Based on auto expert In the data, the brand has the longest wait time for a new car of any vehicle in Australia at 230 days, and the four longest wait times in the country all carry the Toyota badge.

The wait for the most popular hybrid RAV4 variants lasted about two years, while the hit classic LandCruiser 70 is currently slashing prices due to a backlog of orders.

“The March results confirm our previous advice that the first quarter will be a challenge for deliveries. We expect some supply improvement in the second quarter and will continue to grow in the second half,” said Toyota Australia vice president of sales and marketing, Sean Hanley.

“We continue to work hard with our global production teams and local dealers to ensure we pick up and deliver as many vehicles as possible, as quickly as possible. Demand for Toyota vehicles remains strong and our order bank is healthy.

“For the full year, we expect to deliver more than 200,000 vehicles for the 19th time in 20 years.”

It’s not the only brand having trouble getting cars into the country. Bug-infested cars, large backlogs at ports and production struggles mean new cars are still harder to come by on a large scale.

With Toyota’s market share declining, we’ve seen growth from several brands.

Ford’s market share increased from 5.1% to 7.1% in the first quarter of 2023, led by strong sales of the Ranger ute, while GWM had 3.0% of the pie instead of 1, 1% that they own at this point in 2022.

Kia and MG have also seen growth in their market share.




Source by [author_name]

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button
Immediate Peak