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October new auto sales in Japan down 13.1%, to 1968 levels; Toyota cuts FY2008 profit projections by 74%

November 6, 2008
By Ken Worsley


According data released Tuesday by the Japan Automobile Dealers Association, domestic auto sales in October decreased to 233,922 vehicles, down a whopping 13.1% from October 2007. October’s figures followed a 5.3% decline in September and a 14.9% slide in August. October was not only the third straight month that sales showed a decline, but sales fell to their lowest level since 1968.

While Toyota and Nissan saw respective 14% and 20% falls in sales, Honda’s sales jumped 10% in October. In September, all three firms saw large drops in sales in the US market, with Toyota dropping 23%, Nissan falling 33% and Honda slid 25%.

The Japan Mini Vehicles Association also announced that sales of mini cars (vehicles with engines of 660cc or smaller) rose 6.2% in October, to 145,444 units.

Meanwhile, Toyota has cut its fiscal 2008 profit projections by 74%, down 1 trillion yen from the firm’s previous estimates.

Given expectations that an economic slowdown will be prolonged, and fears over losing profits due to a strengthened yen, BusinessWeek asks “Will Japan’s carmakers catch bailout fever?”

Filed Under Automotive, Business, Economic Reports 

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One Response to “October new auto sales in Japan down 13.1%, to 1968 levels; Toyota cuts FY2008 profit projections by 74%”

  1. Stocks set to sink again as reality bites | Investing in Japan on November 7th, 2008 8:08 am

    […] consumer sentiment and spending are at doom-and-gloom levels. How’s this grab you: October new auto sales in Japan down 13.1%, to 1968 levels; Toyota cuts FY2008 profit projections by… (by way of Japan Economy News Blog). Amidst all of this I retain some optimism while trying to […]

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