Toyota, Honda see July sales drop while Nissan grows


Shutterstock photo

Two of Japan's biggest automakers saw sharp sales declines last month in the U.S. market, The New York Times reports .

Sales of Hondas ( HMC ) in July were 28.4 percent lower than figures from the same month in 2010 while sales of Toyotas dropped 22.7 percent between the same periods. Factors contributing to the shortfalls include concerns about the global economic recovery as well as inventories lacking supplies from damaging fallout of the March 11 earthquake and tsunami in Japan.

"The recovery is clearly in a stall mode," chief economist Paul Ballew of Nationwide Insurance told the publication. "It's hard to see sales sprinting forward without some help on job and income growth."

Inventories of the Honda Accord and Toyota Camry - both carmakers' signature models - are low as the companies are still working on stocking the models. Honda anticipated resumption of pre-natural disaster levels by this month while Toyota was eyeing September.

Despite the slippage at Honda and Toyota, Japanese rival Nissan saw sales increase 6.4 percent, Motor Trend reports . Though its luxury arm Infiniti saw a reduction of 24.1 percent, Nissan saw an increase that was not as big as the upward tick in June, which was 16.5 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , Business

More from Henry Brier



Henry Brier

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by