Toyota US new car sales jump in sign of auto industry strength

TOYOTA Motor’s sales rose 7.1 per cent in the second quarter – and more than double that rate in June – as car buyers in the US drove more Camry sedans and RAV4 compact SUVs out of showrooms in line with stepped up production.

The Japanese automaker said on Wednesday (Jul 5) US sales last month came to 195,448 vehicles, up 15 per cent from a year ago, led by the best-selling RAV4. For the quarter ended Jun 30, its sales climbed to 568,962 vehicles.

Toyota saw a 29 per cent jump in June deliveries of electrified vehicles, mostly in the form of petrol-electric hybrids.

The second quarter appears to have been a good one for automakers with Tesla reporting big gains on a global basis and Stellantis seeing US sales rise. The results show that even with higher interest rates, consumers still have an appetite for vehicles now that output is increasing due to improved semiconductor supplies.

General Motors is expected to report its sales later Wednesday and Ford Motor will post its second-quarter results on Thursday.

Stellantis managed a 6 per cent sales gain in the second quarter, the company reported Jul 3. The Ram pickup and Jeep Grand Cherokee were its biggest sellers, while the Dodge Durango and Chrysler Pacifica posted the biggest sales gains. BLOOMBERG