Toyota forecasting sales of 10.77 million vehicles next year

Toyota is forecasting sales of 10.77 million vehicles worldwide during 2020, nudging it closer to number one automaker Volkswagen.

Toyota's outlook, which includes vehicles sold by subsidiaries Daihatsu and truck maker Hino, shows slight growth from an estimated 10.72 million vehicles this year. Volkswagen sold 10.8 million units in 2018 and said in October it expects deliveries to be little changed this year.

Automakers are fighting to sell cars in a difficult environment, with tepid economic growth worldwide and trade tensions forcing them to cut profitability outlooks and slash more than 80,000 jobs. At the same time, they are seeking new growth by investing in a once-in-a-generation industry shift toward electric vehicles, self-driving technologies and ride-on-demand business models.

Autonomous capabilities

The maker of Prius hybrids and Corolla hybrid cars is among the automakers that are still delivering better-than-anticipated results. Even so, Toyota forecasts that it will sell 4 per cent fewer vehicles in Japan next year, or 2.26 million units.

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As electric motors, autonomous capabilities and new mobility services disrupt the industry, Toyota has been forging alliances, adding Suzuki, Mazda and Subaru through partnerships and equity stakes.

Alliances are becoming ever more critical in the global auto industry as manufacturers seek to pool resources and save costs. Ford has teamed up with Volkswagen, while Honda and General are working together. – Bloomberg