Toyota Outsells Ford for First Time
Wednesday November 12th, 2003
For the first time, Toyota Motor Corp. gained the title of world's second-largest automaker in the third quarter, as it outsold Ford Motor Co. by 166,000 vehicles.
While Ford still holds the year-to-date sales lead by a slim margin, its forecast of lower fourth-quarter production might make it possible for Toyota to claim the title for all of 2003.
According to data from Toyota's financial results, it sold 1,576,000 vehicles worldwide in the third quarter, while Ford sold 1,410,000. Toyota's sales included its Hino and Daihatsu units, while Ford's sales included its foreign luxury brands - Volvo, Jaguar, Land Rover and Aston Martin.
For the first nine months of 2003, Ford still ranks as the world's second-largest automaker with a lead of about 26,000 vehicles, with 4,844,000 sold compared to Toyota's 4,818,000. Both are well behind General Motors Corp., the world's largest automaker, which sold 6.4 million vehicles in the same period.
The third quarter is typically the weakest for U.S. automakers, as they shut down factories for vacations and new-model changeovers. But Ford's third-quarter global sales were down 15 percent, due to sluggish sales in Europe, the elimination of slow-selling models in the United States and the lack of new products -- all problems Toyota has not had.
Through October, Toyota was the top-selling passenger car brand in the United States, with sales up 5.4 percent. The Ford brand, which has held the title for many years, was down 7.6 percent over the same period.
While Ford has not projected sales for all of 2003, it has estimated fourth-quarter production would fall by 26,000 vehicles to 1,545,000.
Ford Chairman and Chief Executive Bill Ford Jr. had said this year that the size of the company founded by his great-grandfather was less important to him than restoring its financial health.
Ford raised its earnings forecast for 2003 last month, but is bracing for a likely downgrade of its credit rating from Standard & Poor's.
"We feel growth is going to take care of itself if we get the basics right," Ford spokeswoman Becky Bach said. "We believe we're in a solid position."
The changes were first reported by trade magazine Automotive News on Monday. Ford shares rose 3 cents to $12.22 in trading Monday on the New York Stock Exchange.
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I want to think the work of Christiano da Mata and Olivier Panis helped in the above news...
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