Toyota reports significant domestic sales growth in June 2020 - IAB Report

One of the leading automobile companies in the country, Toyota has reported a significant growth in domestic sales in June 2020. The brand has sold a total of 3,866 units last month.

Toyota resumed its operations in May after some relaxation in the nationwide lockdown was announced by the Government of India. The company started clearing off the pending orders that had accumulated in the previous months because of the lockdown. As the demand in the market slowly started to pick up the pace, Toyota dealerships sold a total of 1,639 units in May and were left with a lean inventory by the end of the month.

Thanks to the strong support from its dealerships, Toyota managed to keep the retail momentum growing in June. The company reported a whopping sales growth of 235% over May by selling 3,866 units in the 6th month of the year.

Speaking about the significant growth in domestic sales in June, Mr Naveen Soni, Sr Vice President, Sales & Service, TKM said:

With demand gradually coming back in the market and with strong support from our dealer partners as well as the hard work of our SBUs (Strategic Business Units), we have been able to keep up with customer expectations. Thanks to our special financing and buy-back offers which have helped bring customers back to dealerships. Our retails (sales from dealers to customers) is nearly double of wholesales (sales from TKM to dealers) the second month in a row thereby bringing down our dealers inventory carrying cost by more than 50% over the past two months. We are also seeing a visible growth in online enquiries as well as bookings.

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In other news, the 2021 Toyota Fortuner has started reaching showrooms in Thailand, which is its first market. The new Fortuner is expected to be launched here in India in early 2021.