Filed under: Earnings/Financials , Audi , BMW , Porsche , Toyota , Car Dealers , China , Luxury Reuters reports that BMW has agreed to pay its Chinese dealers 5.1 billion yuan ($820 million) to help them overcome huge inventories and poor profits last year. Audi and Daimler have are also subsidizing Chinese dealers with hundreds of millions of dollars as the local auto market slows down. Continue reading Automakers paying Chinese dealers for lower-than-expected sales Automakers paying Chinese dealers for lower-than-expected sales originally appeared on Autoblog on Sat, 10 Jan 2015 17:31:00 EST. Please see our terms for use of feeds . Permalink
Filed under: Sedan , Japan , Toyota Never heard of the Toyota Mark X ? That’s because the Japanese automaker only sells it in its home market (and in China as the Reiz). It’s a rear-drive (or all-wheel-drive) sports sedan about the size of a Lexus IS , whose existence is probably why Toyota will never bring the Mark X to North America. The current model has been on the market since 2009, but Toyota is rolling out a series of updates – including the new Yellow Label model pictured here. Available on the 250G, 250G Four and 250G S trim levels, the Yellow Label gets a special shade of Awaken Yellow paint (though it can be had in black, white or silver as well), with an interior decked out in either yellow or black. It also gets piano lacquer trim, yellow stitching, pink gold accents, special tread plates and other interior equipment upgrades, as well as a unique set of alloys. All of which makes the Toyota Mark X Yellow Label perfect for recreating scenes from Kill Bill without the need to squeeze into yellow leathers. (In fact we wouldn’t be surprised to see Toyota doing just that for a promo clip.) Power comes from a 2.5-liter V6 (and not the larger 3.5 available on the 350S model) channeled through a six-speed automatic to either the rear wheels or all four. Pricing ranges between 2.8 and 3.1 million yen (~$26-30k), representing a premium of about 106k yen ($1k) over non-yellow models. Toyota operates four distinct dealer networks in Japan, and the Mark X is sold through Toyopet stores.
Filed under: Car Buying , Japan , Toyota Don’t you just hate when your neighbors’ mess becomes your problem? Toyota certainly has good reason to be upset, after an dirty mishap at a steel mill delayed thousands of vehicle exports from its nearby port in Nagoya, Japan, (pictured above) by as much as a month. The messy situation occurred on June 22 when the mill near the port lost power and had to burn off an excess buildup of coke oven gas – which isn’t exactly a situation friendly to living beings or the environment . According to Automotive News , it caused a massive amount of smoke to emit from the plant that fell as soot and tar on about 23,000 vehicles that were waiting to be shipped out. Getting the models properly cleaned off has been quite a task. A team of 5,000 workers were at the port until this week getting them gleaming again. Potential Toyota buyers in North America have no need to fret about getting a sullied car, though. A Toyota spokesperson told Automotive News that none of the vehicles were bound for this continent. The automaker is reportedly considering asking the mill’s owners for reimbursement for the cost of the weeks of cleanup. Paying for the mistake is, after all, the neighborly thing to do.
Filed under: China , Japan , Plants/Manufacturing , Toyota , Earnings/Financials With the April 15 tax deadline just a few months away, our US readers will be faced with a decision should they get a refund: save or spend? It seems this issue is one many of us face whenever there’s a windfall, trying to decide whether we should set the money aside in an account of some sort or use it as a down payment on a new car or a trip to the Apple store. Unsurprisingly, major corporations face a similar, albeit more complex, issue. Take Toyota , for example. With President Akio Toyoda at the helm, the Japanese manufacturer has gracefully weathered recalls and natural disasters, all while turning beaucoup profits. Last quarter, profits quintupled to 434.4-billion yen ($4.3-billion USD), according to Bloomberg . Toyota also upped its forecast for the end of fiscal year 2013 (which ends on March 31 for Japan), to a record 1.9-trillion yen (about $18.8 billion). Now, the Japanese brand is reportedly sitting on a cash pile of nearly $40 billion, leaving Toyoda-san in an envious predicament – what should the company do with all that money? Some think Toyota should be doing something, anything with that big stack of cash. Some think Toyota (and Toyoda) should be doing something, anything with that big stack of cash.
Filed under: Car Buying , China , Ford , GM , Toyota , Volkswagen As of the end of November, Volkswagen had sold 70,000 more cars than General Motors in China in 2013, making it appear inevitable that VW will outsell GM there. The feat would return the German brand to the top of chart in China for the first time in nine years, but even the second-place getter won’t be complaining too loudly: both automakers sold more than three million vehicles in a market pegged to hit 16 million sales this year. Volkswagen said it could have sold more cars if it had had more production capacity in China. The arrival of a new-to-China Audi A4 , a China-built A3 sedan , the VW Bora and Skoda Octavia , as well as an $18.2-billion-euro investment in the country to construct new factories , means VW should see its numbers grow in 2014. GM’s lineup is expanding next year, too, adding four Chevrolet nameplates and two vehicles to its Baojun brand as it tries to get to five million in sales by 2015. Among other automakers, Ford benefited from good product and woes for Japanese automakers over a territorial dispute with China, outselling Toyota by almost 32,000 units through the end of November. The Ford Focus is China’s best-selling vehicle so far this year. Analysts predict that the Chinese market will grow in 2014 thanks to untapped demand in smaller cities, and that should make for more record numbers; counting buses and trucks, China should surpass the 20-million sales mark. The biggest headwind foreseen at the moment is pollution. Larger cities are already capping the number of new vehicle sales and how often people are allowed to drive, as the effects of industrialization obscure entire cities and long-term forecasts.
GUANGZHOU, China (Nov. 21, 2013) — Mean and green, the Lexus CT 200h compact luxury hybrid showed off its new front fascia at the Guangzhou Motor Show premiere in China.
TORRANCE, Calif., (Nov. 21, 2013) – Fresh off of its worldwide debut at the 2013 Guangzhou Motor Show in China, the 2014 CT 200h will make its first North American appearance at the 2013 Los Angeles Auto Show today.
TOKYO (Nov. 12, 2013) – The world premiere of the 2014 Lexus CT 200h will take place at the 2013 Guangzhou Motor Show in China on Nov. 21. When the CT
Filed under: Car Buying , GM , Toyota , Volkswagen General Motors released its first quarter sales figures this week, reporting that it sold 2.36 million cars and trucks worldwide. That figure represents an increase of 3.6 percent when compared to the same period last year. GM’s growth was attributed to many factors, including global Cadillac sales that were up 26 percent and Chevrolet posting a one percent increase over last year (this marked Chevy’s tenth straight year of record global sales). Volkswagen came in just behind GM, as the German automaker reported global sales from January through March at 2.27 million vehicles, an increase of five percent when compared to last year. While that number was strong, VW is cautioning that markets outside China and the US, such as those in Europe, are becoming a challenge as economies falter. Yet to report sales is Toyota , current holder of the global world sales crown (the Japanese company sold 9.75 million cars last year, against 9.29 million sold by GM and 9.1 million vehicles sold by VW). Even though GM and Toyota both say they don’t care who sells the most units, it is unquestionably a strong bragging point and sales equate to revenue. That said, Toyota will report its first quarter numbers next week. GM outsold VW globally in first quarter, Toyota reports numbers next week originally appeared on Autoblog on Thu, 18 Apr 2013 16:03:00 EST. Please see our terms for use of feeds .