Toyota, Honda outperform market in May
Toyota Motor Corp. and Honda Motor Co. posted solid sales increases in China last month, outperforming the market and some of their large foreign competitors.
Toyota deliveries rose 13 percent year on year to 91,900 vehicles, while Honda volume jumped 32 percent to 80,298.
In the first five months, Toyota sales are up 4.4 percent year on year to 412,000, while Honda sales have jumped 31 percent 387,520.
For Toyota, rising sales would seem to justify the company's determination to boost production in China. Last year, the company sold 1 million vehicles in China for the first time, two years behind schedule.
Volkswagen AG and General Motors each outsell Toyota locally by 3-to-1.
Toyota wants to catch up. In April, the company said it would spend $439 million (2.7 billion yuan) to add production in 2017 with its joint venture partner, Guangzhou Automobile Group Co.
Toyota hasn't built an assembly plant worldwide since 2013.
Honda is upgrading its CR-V crossover and has announced plans to introduce a full-size SUV in China in two years. Honda displayed an SUV concept at the Shanghai auto show, but the CR-V will be a key model in the company's campaign to sell 950,000 vehicles in China this year.
In 2014, the CR-V was the No. 3 seller in China's red-hot market for compact crossovers. But sales have slipped this year and Honda is equipping it with a new gearbox and engine to compete with rivals such as the VW Tiguan.
Honda hopes to boost annual CR-V sales in China to 150,000 vehicles.
In the first five months, Toyota sales are up 4.4 percent year on year to 412,000, while Honda sales have jumped 31 percent 387,520.
For Toyota, rising sales would seem to justify the company's determination to boost production in China. Last year, the company sold 1 million vehicles in China for the first time, two years behind schedule.
Volkswagen AG and General Motors each outsell Toyota locally by 3-to-1.
Toyota wants to catch up. In April, the company said it would spend $439 million (2.7 billion yuan) to add production in 2017 with its joint venture partner, Guangzhou Automobile Group Co.
Toyota hasn't built an assembly plant worldwide since 2013.
Honda is upgrading its CR-V crossover and has announced plans to introduce a full-size SUV in China in two years. Honda displayed an SUV concept at the Shanghai auto show, but the CR-V will be a key model in the company's campaign to sell 950,000 vehicles in China this year.
In 2014, the CR-V was the No. 3 seller in China's red-hot market for compact crossovers. But sales have slipped this year and Honda is equipping it with a new gearbox and engine to compete with rivals such as the VW Tiguan.
Honda hopes to boost annual CR-V sales in China to 150,000 vehicles.
