The Japanese based automaker Toyota Motor Corporation (ADR) (NYSE:TM) has effectively gained and maintained its top position in the world automakers and now gazing at its most successful brand, the 47 year old Corolla. Company recently disclosed that it was able to sell nearly 40 million Corolla units over the years. Prius Hybrid is a new launch by company but Akio Toyoda, Toyota Motor’s president, looks to get more cash from Corolla brand.
Company faced fierce competition from rivals including Hyundai Motor and Honda Motor Co Ltd (ADR) (NYSE:HMC) due to their fuel efficient offerings. The sales of Corolla slump in 2006 from the peak of 1.42 million units as rivals launched fuel and price efficient automobiles. In 2012 Toyota Corolla remained the bestselling car with nearly 1.21 units sold internationally.
The automaker officially stated that its annual operating profit increases by 384 million US dollars with a single drop in the Japanese currency. Today the Japanese currency recorded low at 91.32 since June 2010.
Last year Toyota initiated some major redesign in its global best seller brand. For later 2013 company intends to launch an upgraded version of Corolla, but when and where is still vague.
Toyota is facing now fierce competition from South Korean automakers including Kia Motors Corporation and Hyundai Motor. It would not be able to rely on the past success since General Motors Company (NYSE:GM), Volkswagen and Ford Motor Company (NYSE:F) are also getting hard on the Japanese firm.
The sluggish popularity of Corolla brand has been mirrored in the share price and earnings of Toyota. With the appreciation of yen the share price and earnings of company have fallen since the peak as company was forced to recall defective models with acceleration problems.
Company has to work on Corolla to make it more interesting and fun.
TM shares surged 0.69% to $96.26 in pre-market, Ford Motor Company (NYSE:F) shares traded down -0.84% to $13.03 in pre-market on Wednesday.