Sales of #1 Toyota Group, down 4.1% for the year, were impacted by an extended production halt of its kei-car subsidiary Daihatsu after a major safety testing scandal. Worldwide Daihatsu sales were down a whopping 65.5% in February. Sales of Toyota-branded vehicles including Lexus rose 1.4% in the first two months of 2024.
#2 Volkswagen Group continues to impress and confuse. The group is the only member of the top three with a solid (6.1%) rise in sales for the first two months. Nevertheless, top management won’t stop ringing alarm bells. Volkswagen’s Thomas Schaefer, head of the group’s “core brands,” is cutting costs and head count.
Sales of #3 Hyundai Group were mostly flat in the first 2 months.
