Toyota Reports 9.6% Drop In May Sales, Sees SUV Surge

Toyota Motor Corp

said that its sales in the United Stated dipped 9.6 percent to 219,339 units in May compared to the year-ago month on a volume basis. According to the company, with two fewer selling days in May 2016, sales were down 2.0 percent on a daily selling rate (DSR) basis. Toyota Motor said that its division posted May sales of 192,657 units, down 9.5 percent on a volume basis, and 2.0 percent on a DSR basis. Similarly, Lexus posted sales of 26,682 units, down 10.1 percent on a volume basis, and 2.6 percent on a DSR basis. The company's VP and GM, Bill Fay, commented about the sales in May, saying, "Industry sales remain steady in May with the shift toward light trucks and SUVs continuing. Mirroring that trend, Toyota division SUVs had a best-ever month, led by RAV4, Highlander and 4Runner." Lexus posted sales of 26,682 units, down 10.1 percent on a volume basis, and 2.6 percent on a DSR basis. Similarly, Lexus VP and GM, Jeff Bracken said, "May finished at a lower than ideal supply for our luxury utility vehicles, a sign of continued demand, though likely limiting our full sales potential. From the compact NX to the dramatically restyled RX and the off-road conquering GX & LX, our utility vehicle family continues to appeal to the preferences of U.S. consumers." Toyota Motor pointed out some of the highlights for May. That included RAV4 sales growth of 12 percent, with a best-ever May sales of 32,261 units. Similarly, 4Runner sales of 10,352 represented over 21 percent; which was the second straight month of over 10,000 units. In the same way, Land Cruiser and RX posted 31.3 percent and 10 percent growth respectively in May. Its EU also recorded a month-over-month growth of 21 percent while LS sales were nearly up 16 percent in May. The stock traded 0.16 percent down on Wednesday.