Toyota Motor Corporation’s TM shares dipped 0.31% on Mar 29, after the company reported a decline in global production for February. The automaker’s total worldwide production dropped 5.2% year over year to 764,937 units in Feb 2016. This was due to a 17.4% fall in production in Japan to 298,839 units, which offset a 4.7% increase in production outside Japan to 466,098 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 fell 9.4% to 182,330 units owing to an 11.1% decrease in sales of Toyota vehicles and a 6.9% decline in sales of Daihatsu vehicles that offset the 2% gain in sales of Hino. The combined market share of Toyota, Hino and Daihatsu went down 1.4 percentage points to 40.4%.
Sales of Toyota mini-vehicles in Japan improved 1.9% year over year to 2,419 units in February. The market share of Toyota in Japan went up 1.4 percentage points to 26.3%, including mini-vehicles, and 3.2 percentage points to 42.2%, excluding mini-vehicles.
Meanwhile, exports decreased 14.8% year over year to 126,414 units owing to a 14.3%, 100% and 14.8% fall in Toyota, Daihatsu and Hino’s exports, respectively.
Toyota currently carries a Zacks Rank #3 (Hold). Some better-ranked automobile stocks include Cooper Tire & Rubber Co. CTB, Visteon Corporation VC and The Goodyear Tire & Rubber Company GT. While Cooper Tire currently sports a Zacks Rank #1 (Strong Buy), both Goodyear and Visteon hold a Zacks Rank #2 (Buy).
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