- Finance 2 Bluechip Pharma Stocks That Dropped 30 To 40% From 52-week Highs, Should You Buy?
- News Fertiliser plant to AIIMS: PM Modi to gift mega projects in Gorakhpur today
- Technology Get Massive Discount On OnePlus 9, 9 Pro In India
- Sports Everton 2-1 Arsenal: Stunning Gray strike snatches last-gasp victory
- Movies Inside Edge Season 3 Web Series Review: The 'Edge' Is Missing, But Interesting Nevertheless
- Education DSE Odisha Provisional Selection List 2021 Released For 6720 TGT And Telugu Teachers Posts, Check Details
- Lifestyle Omicron Coronavirus: Expert Suggests Ayurvedic Preventive Measures To Combat The New Variant
- Travel Budget Friendly Winter Places To Visit Around Kohima
Toyota Kirloskar Motors India (TKM) has announced the sales report for the month of June 2020. Toyota car sales at the end of June 2020 stood at 3,866 units, which compared to its sales in the previous month of May, is a growth of a massive 235 per cent.
Toyota car sales in May 2020 registered 1639 units in the Indian market. The low sales were mainly attributed to the COVID-19 pandemic and the subsequent lockdown, which resulted in low customer sentiments to purchase new vehicles. However, with the country now in unlock mode, Toyota has stated that demand for vehicles is picking up steadily.
Compared to yearly sales, Toyota has still managed to register a massive decline. The Japanese carmaker registered over 11,000 units of total sales in June 2019; compared to 3,866 units last month.
The company has restarted all operations at its factory in Bidadi, Karnataka (outskirts of Bangalore). The restart of operations has helped the company cater to all pending orders since the start of lockdown, back in March 2020. Toyota dealerships have also been able to run a lean inventory in the previous month, as most of the pending orders till May were closed using the stocks at dealerships.
Naveen Soni, Sr. Vice President, Sales & Service, TKM said,
"With demand gradually coming back in the market and with strong support from our dealer partners as well as the hard work of our SBUs (Strategic Business Units), we have been able to keep up with customer expectations. Thanks to our special financing offers and buyback offer which have also helped bring customers back to dealerships."
"Our retails (sales from dealers to customers) is nearly double of wholesales (sales from TKM to dealers) the second month in a row thereby bringing down our dealers inventory carrying cost by more than 50% over the past two months. We are also seeing a visible growth in online enquiries as well as bookings."
He further added, "Post COVID the market has been showing a shift towards entry-level suffix in all products that we sell and we are monitoring such trends and adjusting our future production according to market demand based on Toyota Pull System which supplies vehicles to dealers when it is required, where it is required and how much is required."
"Our production side has been helping us ramp production to be able to meet customer requirements. Going forward, we would like to focus on ramping up production while placing the highest priority to the safety and well-being of all stakeholders and by adopting the ‘Safety and Health First' approach at all times."
Thoughts About Toyota Car Sales In The Month Of June 2020
Toyota car sales in June 2020, showcases a positive sign of increasing demand for vehicles in the Indian market. Although sales are still around 35% of what it was last year, the monthly sales showcase a drastic improvement, which is only expected to improve going forward.