Toyota Motor Corporation released its August sales numbers on Friday, showing that the company is still struggling to reach sales expectations due to low inventory supply. Toyota reported its year-over-year sales volume dropped 9.8% last month to 169,626 vehicles.
The Toyota division saw an 8% decrease, reporting 147,873 vehicles sold. Lexus took a more significant hit, with a 20% decrease and 21,573 cars sold. The numbers mark the 13th month of sales volume declines for Toyota and seven months for Lexus.
Toyota reported a 20-day supply of vehicles for Toyota and a 26-day supply of cars and light trucks for Lexus. The company said it ended the month of August with 132,932 cars in U.S. inventory, for a total of a 21-day supply. Only 16,556 of those vehicles are currently at dealerships, with the rest waiting at ports or in transit.
Even the company’s top sellers saw struggling sales numbers in August. Camry was down 5.7%, Corolla declined by 20%, and Highlander decreased by 24%. RAV4 and Tacoma saw increases of 9.1% and 11%, respectively. EVP sales also fell, dropping 25% year-over-year to 37,899 units.
Toyota stock received a ‘hold’ rating from the SA quaint rating system, while Wall Street analysts screened the stock with a ‘buy’ rating. Shares of Toyota are down 22% on a year-to-date basis.
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