Dismal April motivates Toyota to increase production and incentives
With April's sales volume down over 41% and Ford pushing it aside in the numbers race, the Toyota division is motivated to move units in May. At the request of dealers, the automaker is boosting production of its best-selling Toyota Camry and popular RAV4 SUV. In addition, a new ad campaign, called "Perfect Timing," started on Friday. It is an attempt to boost sales on vehicles using reduced interest rates, more consumer cash and a focus on low payment leases. The campaign caters to regional needs with aggressive leases in the East, and zero-percent interest rates in the West and Midwest. Bob Carter, Toyota division general manager, told Automotive News that "there will be an enhanced package of incentives compared with what Toyota currently offers." Carter didn't elaborate, so it seems you'll just have to visit a showroom to get the details. Regardless, it appears that Toyota is willing to make a deal like never before.
[Source: Automotive News, subs. req'd | Photo by Justin Sullivan/Getty]
Reader Comments (Page 1 of 2)
DP 1:07PM (5/04/2009)
Yay!
I'll gladly take 0% financing on the new 2010 Prius! Just it time, indeed!
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Sea Urchin 1:12PM (5/04/2009)
I doubt you will get it on Prius, it's too HOT.
Memo to Toyota, one way to improve this sales bomb is by improving your cars, better MPG, Better interior and the same price.
MoonRover 6:05PM (5/04/2009)
Prius sales are down 60% they're far from hot.
tuxchown 9:40PM (5/04/2009)
Toyota's complacency will be their undoing. Toyota is the new GM and they have nowhere to go but down, down, down.
KIB2 1:09PM (5/04/2009)
Go Ford Go!!!
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ashley121 1:14PM (5/04/2009)
Great! now I can move out of my tent, find a job, and go lease / buy a new Toyota to live in. "perfect timing" ?????
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Tool 6:00PM (5/04/2009)
Toyota seems to be running the GM playbook with all these incentives.
Good way to decimate residual values, which is one of the top reasons why Toyota's were great values. With shaky quality and so-so styling it seems like Toyota has really lost its mojo.
jpm100 1:14PM (5/04/2009)
With the Japanese Government funding and taking the risk for their financial arm, I'm sure any warm body can roll in off the street and get a car.
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Sea Urchin 1:20PM (5/04/2009)
"I'm sure any warm body can roll in off the street and get a car. "---it's called a sub prime loan, i am sure Toyota learned something in last 6 months.
Also i read that MOST Detroit 3 costumers have a credit score of below 700 and Toyota and Honda and Nissan have above 700.
torture 1:15PM (5/04/2009)
start using incentives on SCION you ididots. Pricing at msrp doesn't work when 2009's and 2010's are sitting right next to each other and are the same price!
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Daniel G 1:28PM (5/04/2009)
I don't understand why they would want to increase production if the sales are already low? If anything they need to stop production of trucks and introduce more smaller cars in their lineup.
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cj 1:35PM (5/04/2009)
Ya I first thought that when I read the title, but upon reading the whole article, they mean increase production for popular vehicles like Camry and RAV4 which I assume is being sold faster than they can make.
Judy Zik 2:53PM (5/04/2009)
The reason would be that dealers are running low on stock of Camrys and RAV4s especially certain trim lines and they figure they are losing sales because of this. Contrary to popular belief truck, SUV and midsize sedan sales are showing more strength relative to the overall market this month thanks to cheaper gas and short memories. The preception that everyone is out buying Corolla and Yaris doesn't match with the numbers. The RAV4 for instance was Toyota's biggest gainer market share wise so it makes sense to crank up the production a bit in Woodstock.
Jamarr 2:01PM (5/04/2009)
Toyota has officially completed the final step of its GM-ification.
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Jake 2:07PM (5/04/2009)
Does this mean we get to quit hearing the "saved by zero" ads? Please, let it be so.
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blackmage439 3:20PM (5/04/2009)
I haven't seen one in months. I pity your cable area.
Luis 2:09PM (5/04/2009)
One dealer here is offering 2009 Camrys for under $200/mo with Zero down, Corollas at about $150, Accord EX's for $168/mo. It's unbelievable the lease deals you can get here now.
GM and Chrysler don't lease anymore.
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Ian 2:27PM (5/04/2009)
Wrong, GMAC and Chrysler Financial don't lease anymore, and thats not even true. You can still get leases at the Chevy dealer here.
Luis 2:58PM (5/04/2009)
Non-corporate (GMAC, Chrysler Financial, TMC, whatever) leases are usually not as competitive. I haven't seen anything close to those Zero down offers by any other manufacturer. (And these weren't on a particular stock number, the ads stated they applied to EVERY one in stock and yes, I checked, they had plenty of stock - I know how bait and switches work).
torture 3:13PM (5/04/2009)
where are you my friend??