Toyota and BMW hit by global sales slump

Carmakers Toyota and BMW have been hit by the slump in global car sales, both posting losses in the three months to the end of June.

Toyota Rav4

Toyota, the world’s biggest carmaker, posted a loss of 77.8bn yen (£483m) during the period.

However, the company says that its cost cutting strategy and government measures implemented to help jumpstart the automotive industry has helped it upgrade its forecast for the remainder of the year.

It is expecting losses to total 450bn yen (£2.8bn), which is lower than the 550bn (£3.4bn) yen it has previously predicted.

Toyota has cut production in plants including the UK. However, this is expected to gradually turn around, particularly due to the production of Prius, its new hybrid car.

Meanwhile, BMW saw its net profit dive to £103m which was 76% lower than the 507m euros it reported a year earlier.

Last month, BMW confirmed that it would pull out of Formula 1 at the end of this season because the sport does not fit in with its sustainability positioning

In marketing activity, Toyota GB recently launched a direct marketing and email campaign to promote its next generation Verso multipurpose vehicle (MPV)

The creative approach focuses on how the Toyota Verso offers “parenthood with style” to family drivers.

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