Toyota has announced that its U.S. sales are set to outperform the market for the month of August. The news comes amid a downward-turning market due to increasing gas prices and an unstable housing market. Despite the market slump, Toyota officials are confident that the automaker will still meet its yearly sales goal.
According to Automotive News, Toyota saw its first sales decline in almost three years in July, falling 3.5%. However, the decline was better than the industry’s overall slip of 8.7%. “July was a bit weak due to various factors including subprime loan problems and high oil prices,” Toyota’s President, Katsuaki Watanabe, told reporters. Analysts expect another weak month for Toyota in August due to difficult comparisons from a big rise a year ago.
Auto sales in the U.S. were down 3.7% through the first seven months of the year.
