A Toyota Motor showroom in Stockport, the UK. Picture: REUTERS/JASON CAIRNDUFF
The victory for Toyota came despite a painful year for carmakers. Though demand for cars recovered marginally towards the end of 2020, industry-wide factory and showroom shutdowns towards the middle of the year were enough to drag sales down 14% from 2019, according to an estimate from IHS Markit. VW CEO Herbert Diess initiated a strategic shift after he took over the top job in 2018 to focus on lifting profitability rather than chasing sales growth. VW’s return on sales has been lagging behind Toyota for years and the market slump triggered by the Covid-19 pandemic a year ago exposed the German manufacturer’s relatively high costs.
Before 2020, VW outsold Toyota in every year since 2015. But the two companies’ results last year may be indicative of a longer-term trend, according to analysts.
Heya VolkswagenSA ... come on!! Am behind you!!
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