While speaking earlier this week at the Reuters Global Autos Summit, Bob Carter, the U.S. sales chief for Toyota, spoke about the past year for the struggling automaker, plans for the remainder of 2010 and expectations for the entire industry in 2011.

Carter believes that a main reason behind the dismal sales industry-wide in the U.S. is a lack consumer confidence, fueled by an uncertain economy and hesitation to take on new debt. The beleaguered U.S. market allowed for just 10.4 million new car sales in 2009, and is only expected to rise to somewhere around 11.4 and 11.5 million vehicles for 2010.

By contrast, the U.S. market had previously averaged 16.4 million vehicles per year over a period of 10 years. For 2011, Toyota predicts U.S. sales to come in somewhere between 12.5 and 12.9 million vehicles. Carter believes that Toyota will strengthen its position and grab an increased share of those sales, despite being flat so far in 2010, while the rest of the industry has averaged growth just shy of 11 percent so far this year.

“This has been the most challenging year that Toyota has faced,” Carter said. “Overall, we are confident our challenges are behind us.”

Carter cited the fact that at the height of the recalls suffered by the automaker, sales of Toyota to new customers dropped into “the low 40s,” from a norm of roughly 55 percent, a rate which the automaker has now returned to. “Our brand is recovering nicely,” Carter said.

Yen hurting profits

Like all Japanese automakers hoping to compete in the U.S. market, the strong Yen has also caused troubles. Carter said the strength of the Yen may even force some pricing of vehicles imported into the U.S. to be increased. Although, Carter says pricing will continue to be primarily driven by the market.

Courtesy of leftlanenews.com