Japanese automaker Toyota Motor Corp. (TM) announced late Thursday that it plans to export the 'Sequoia' SUV and the 'Tundra' pickup truck manufactured at its plants in the U. S. to the Middle East and South America. The company intends to commence the exports in December 2008, through Toyota Motor Sales, U.S.A, Inc.
The 'Sequoia' SUV is being manufactured at Toyota Motor Manufacturing, Indiana, Inc. in the U. S. This model would be shipped to the Middle East and South America. Total vehicle production at the plant for 2007 was 284,000. The plant produces Tundra, Sequoia and Sienna models. The Indiana plant started operations in February 1999 and employ's 4,279 people.
The 'Tundra' pickup truck SUV is being manufactured at Toyota Motor Manufacturing, Texas, Inc. in the U. S. The pickup truck would be shipped to South America. Total vehicle production at the plant for 2007 was 139,000. The Texas plant which produces only the Tundra model, started operations in November 2006 and employ's 2,205 people.
The Toyota City, Japan-based company said it will export nearly 15,000 units of Sequoia to the Middle East and about 150 units to South America. About 1,000 units of Tundra are expected to be exported to South America.
Toyota noted that the proposed exports from the U.S. is a part of the company's effort to optimize global production and supply structures to allow it to better respond to changes in market demand. This also reflects the increasing demand for full-size SUV's in the Middle East and South America and for full-size pickup trucks in South America.
In the long term, Toyota intends to consolidate its research and development, procurement, production and sales functions to provide more flexibly in meeting the changes in demand. This would also help Toyota to establish a stable global supply system based on strengthened production and supply structures.
Toyota said in July that it would temporarily suspend Tundra and Sequoia production at the two plants beginning August 8, due to the declining overall market for full size trucks and SUV's. The company then announced that production is scheduled to resume in early November.
The world's second-largest automaker Toyota reported a sharp 32.3% drop in September U.S. sales to 144,260 vehicles from last year, as a weakening economy, tight credit conditions and cautious consumer response weighed heavily on the sector. U.S. Lexus sales in September fell 37.7% to 9,430 vehicles, while U.S. light truck sales dropped 38% to 55,918 vehicles. Toyota has now reported drop in U.S. sales for five months in a row. The U.S. market continues to be difficult for every automaker, with 2008 sales expected to be the lowest in more than a decade.
Last week, Toyota reportedly announced a fall in quarterly sales amid global financial slowdown that lowered auto demand worldwide. During the recent quarter, Toyota had sold nearly 2.24 million vehicles worldwide, 4.3% lower than 2.34 million vehicles sold in the prior-year quarter.
As of the end of March 2008, Toyota conducts its business worldwide with 53 overseas manufacturing companies in 27 countries and regions. Toyota's vehicles are sold in more than 170 countries and regions.
For the recently closed first quarter, Toyota's profit was down 28.1%, reflecting weak sales in North America and Europe, higher raw material prices, and exchange rate fluctuations. Consolidated net revenues declined 4.7% with a 4.9% revenue fall in the automotive segment. However, consolidated vehicle sales in Japan and overseas were up 1.1% in the quarter to 2,186 thousand units.
TM closed Thursday's regular trading session at $74.74, up $3.07 or 4.28% on a volume of 2.00 million shares, a two-fold increase from the three-month average volume of 1.00 million shares.
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