The effects of the coronavirus pandemic on the global economy have been both dismal and drastic. Chances are, it’ll take some time before even the biggest corporations bounce back from this crisis.
That said, as lockdown restrictions across the globe start easing up and cities begin reopening, some companies—including those from the automotive industry—have been seeing improvements. Japanese carmaker Toyota, for example, reports some minor recoveries to begin the second half of the year.
The industry giant has just released its sales report for July 2020, and it appears that global sales and production were down by 12% and 10.2%, respectively, from the same month last year. These may seem like negative figures, but it’s actually considered a recovery compared to the numbers from the preceding month. Specifically, in June, global production was down 24%.
The recoveries in China, the US, Europe, and Japan account for these slight improvements in Toyota Motor Corporation’s figures. With the continuous increases in sales and production in these regions, Toyota’s recovery is actually progressing at a faster pace than expected.
As it stands, these sales and production figures from July reflect a 90% recovery of the previous year’s levels. There’s still a long way to go, however, as Toyota still projects a decrease in worldwide sales for the remainder of 2020.
Here in our market, Toyota Motor Philippines (TMP) also saw significant declines throughout the COVID-19 crisis. TMP president Atsuhiro Okamoto recently shared with Top Gear PH that the carmaker is projecting a 20-40% drop in sales for 2020, calling the lower value “a bit optimistic.” If you want to see more of that interview with the TMP president, you can click here.