Toyota US chief says car sales are close to bottoming out
DETROIT (AP) — Toyota’s top U.S. executive says car sales nationwide have bottomed out and his company will keep making them despite a dramatic shift to trucks and SUVs.
U.S. CEO Jim Lentz told the Detroit Economic Club Wednesday that car sales fell below 30 percent of sales last month, and he thinks that’s close to the bottom.
While Fiat Chrysler, Ford and General Motors are canceling many car models, Lentz doesn’t see that happening with Toyota. He says U.S. consumers still arebuying more than 4 million compact, midsize and near-luxury cars each year, so cars are still a huge market. He says Toyota can pick up sales as other companies cut back on car models.