Toyota predicts its 2024 sales will grow despite declining market

Toyota Australia is awaiting a enhance in sales heading into 2024, backed by elevated offer from the factory, yet says the market as a whole is liable to deliver no.

The Jap tag exited 2023 head and shoulders over its competitors in the sales charts with a whole of 215,240 vehicles delivered, as the wider commerce noticed extra vehicles bought than ever sooner than in the 365 days that became.

After a late originate for Toyota in the first half of the 365 days, an amplify in offer bolstered the tag’s overall sales numbers with Mazda the next nearest competitor with 100,008 sales, followed by Ford with 87,800.

Though a actual lead, Toyota technically bought fewer vehicles than in 2022, with its market fragment shedding from 21.4 p.c to 17.7. Even quiet, 2023 marked Toyota’s 21st 365 days in the lead.

Talking to Chasing Autos following the release of the sales outcomes, Toyota Australia vice chairman of sales, advertising and marketing and marketing and franchise operations Sean Hanley said he expected a leap-help in 2024.

“I judge the market for 2024 shall be spherical 1.05 to 1.1 million devices, on the opposite hand, that’s quiet a actual consequence. When you happen to return in time, it’s no longer that decades previously, [the Australian market was] doing over 1,000,000 sales in a 365 days, and we felt that became a actual consequence,” he said.

Build in other terms, Hanley said he expected the market to return to “pre-covid” ranges, shortly sooner than the sales assert and subsequent offer constraints took enact. In 2023 365 days, over 1.2 million vehicles had been bought in Australia.

In a 365 days soured by skyrocketing cost of living and interest rates, Hanley said the assert in sales seen in 2023 became likely extra the kill consequence of carryover anticipate and long wait times for vehicles from 2022, and even 2021, nonetheless he expected the market would frigid off in the upcoming 365 days.

His concepts had been echoed by FCAI chief govt Tony Weber who said in a assertion on the present time that the Australian automobile commerce would possibly perchance presumably well ask a “tough 2024”, as a outcomes of the aforementioned factors.

No subject this, Hanley said elevated offer from Toyota’s global factories would lead to one other actual 365 days for the tag.

“Our forecast is that our offer is awfully actual, our momentum going out from 2023 into 2024, by methodology of sales is actual. Our customer teach monetary institution is extremely healthy and actual,” he said.

“So have to you conception at that, in its totality and the provision of RAV4 Hybrids, particularly in the first quarter, in consequence, we ask to amplify our sales volume in 2024 over 2023.”

RAV4 Hybrid wait times region to diminish

Toyota has said it expects the consistently elevated drift-via of stock to continue for the upcoming 365 days, a ingredient it says would possibly perchance presumably well quiet tidy wait times on most devices down to between four to six months by mid-365 days “if no longer sooner”.

Hanley said wait times spherical RAV4 Hybrid we expected to toughen dramatically, with lead times of spherical three to four months expected by mid-365 days.