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Toyota Will Not Raise Prices To Help U.S. Auto Industry

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Toyota said that it will not raise its car prices as an effort to help out its rivals in the United States.

A day earlier, Toyota’s chairman said that price increases were in order to help the U.S. auto industry.

Now however, Toyota is saying, “Our basic stance is that prices are something for the market to determine…We are not thinking about changing (vehicle) prices in order to help the U.S. auto industry.”

According to a Reuters article,

“Japanese brands collectively grabbed a record 30 percent share of the U.S. auto market last year, and some executives have become more sensitive about how their companies’ success would play out at the political level.

At the annual motor show in Detroit earlier this year, Toyota President Fujio Cho and Honda Motor Co. Chief Executive Takeo Fukui said Japanese brands’ expansion in the United States should not go unchecked, with Fukui volunteering that the combined share should be kept under 40 percent.”

General Motors lost $1.1 billion in the first quarter while Ford’s profits dropped 38%.

Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.

Toyota Will Not Raise Prices To Help U.S. Auto Industry
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