U.S. vehicle sales of Toyota Motor Corp.’s (NYSE: TM) North American segment declined 23.5% year-over-year on a volume basis and 26.3% on a daily selling rate (DSR) basis to 194,178 units in March.
Toyota division’s vehicle sales slipped 22.6% to 170,664 units, and sales of the Lexus division totaled 23,514 vehicles, down 29.1%.
Sales of electrified vehicles accounted for 25.4% of Toyota Motor North America’s (TMNA) total sales volume in March.
Q1 Sales
For the first quarter of this year, U.S. vehicle sales decreased 14.7% year-over-year on a volume basis and 15.8% on a DSR basis to 514,592 units.
Toyota division’s vehicle sales fell 14.9% to 450,227 vehicles, and the Lexus division’s sales of 64,365 vehicles reflected a decline of 13.3%.
Sales of electrified vehicles represented around 25.8% of the company’s total sales volume versus 22.9% in the first quarter of 2021.
About Toyota
Based out of Japan, Toyota manufactures and sells passenger and commercial vehicles as well as related parts and accessories.
The company has nine manufacturing plants in the U.S., with the tenth scheduled to open in North Carolina by 2025. The new plant will make automotive batteries for EVs.
Price Target
Overall, the stock has a Moderate Buy consensus rating based on a single Buy. TM’s average price target of $210 implies 16.4% upside potential. Shares have gained 17.3% over the past year.
Investors’ Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Toyota, as 12.5% of investors on TipRanks increased their exposure to the stock over the past 30 days.
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