Toyota h pigment violet 23 olds negative outlook on China's luxury car sales
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Toyota holds negative outlook on China's luxury car salesPublished: 23 Jan 2009 00:00:00 PST

Jan. 23, 2009 (China Knowledge) - Toyota Motor Corp, the world's largest automaker, said it holds a negative outlook for luxury car sales in China this year, estimating the sales growth rate at 3% to 5%, sources reported.

Toyota said the company will continue upgrading its brand image and distribution network in China, but currently has no plan to mass-produce its Lexus cars in the country.

Japan-based Toyota launched its third Lexus hybrid sedan Lexus GS450h in China on Tuesday. However, the company said its global sales dropped 4% to 8.97 million units in 2008, with Lexus car sales declining to 435,000 units.

Last week, China reported that its auto sales showed a growth rate of 6.7% year on year to 9.38 million units in 2008, the first single-digit growth rate since 1999. Moreover, both auto sales and production were lower than the 10 million units expected at the beginning of 2008.

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