Is the tide finally starting to turn for the beleaguered automotive industry? Results from two of the world’s leading car manufacturers suggest there is at least a ray of hope.
After US giant Ford recorded its first increase in sales for almost two years, BMW announced it had made a net profit of 121million euros in the first three months from April to June - well above industry forecasts. Much of the success is attributed to the company’s domestic sales with Germany’s auto industry federation reporting that new car registrations in the country has jumped by 27 per cent this year compared to 2008, sparked largely by a government bonus scheme.
Toyota meanwhile was still deep in the red, but confounded predictions that it would report a 200billion yen loss - it instead recorded a 77.8billion yen loss for the April-June quarter.
The results have prompted cautious optimism in many circles, with BMW refusing to provide a detailed outlook for the year ahead citing an increasingly competitive environment and high volatility as its reasons.
In Japan, Toyota managing director Takahiko Ijichi attributed the boost in sales in part to government subsidies and tax cuts as the company narrowed its annual net loss forecast to 450billion yen from 550billion yen previously. Toyota’s Prius became the top-selling car in Japan in the months of May and June.
It was not all good news however, as fellow Japanese firm Yamaha said its losses in 2009 were likely to be more than four times bigger than expected due to sluggish motorcycle sales and a strong yen. It has now forecast a net loss of 182billion yen for its business year to December - the first shortfall in 26 years.
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