Toyota Motor Corporation’s TM shares fell 0.99% on Feb 29, after the company reported a decline in global production in January. The automaker’s total worldwide production dropped 3.2% year over year to 801,614 units in Jan 2016. This was due to a 4% fall in production in Japan to 324,753 units and a 2.6% decrease in production outside Japan to 476,861 units. The production figure includes passenger cars, trucks and buses manufactured by Toyota as well as its subsidiaries, Hino Motors, Ltd. and Daihatsu Motor Co., Ltd.
Total sales in Japan improved 1.3% to 165,310 units on the back of a 4.8% increase in sales of Toyota vehicles that offset the 3.1% fall in sales of Hino and a 5.7% decline in sales of Daihatsu vehicles. The combined market share of Toyota, Hino and Daihatsu went up 2.5 percentage points to 43.2%.
Sales of Toyota mini-vehicles in Japan dipped 0.6% year over year to 1,914 units in January. The market share of Toyota in Japan rose 2.7 percentage points to 29.6%, including mini-vehicles, and 2.1 percentage points to 46.8%, excluding mini-vehicles.
Meanwhile, exports went up 5.5% year over year to 144,288 units owing to a 6.7% rise in Toyota’s exports.
Toyota currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include Cooper Tire & Rubber Co. CTB, Fuji Heavy Industries Ltd. FUJHY and The Goodyear Tire & Rubber Company GT. While both Cooper Tire and Fuji Heavy Industries currently sport a Zacks Rank #1 (Strong Buy), Goodyear holds a Zacks Rank #2 (Buy).
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