Tough times in China? Not for Toyota
Hong Kong (CNN Business)The biggest global automakers are having a terrible time in the world’s largest market with one notable exception: Toyota.
Car sales in China fell last year for the first time in about two decades. GM (GM) was down 10%, Ford (F) plunged 37% while Volkswagen (VLKAF) just about held its ground. Sales of Toyota (TM) vehicles, however, surged 14% to almost 1.5 million.
The Japanese company’s strength in China has helped offset a poor performance in the United States, where its sales are declining. And it’s predicting further growth in China this year.
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