5:00 AM New York, 7:00 PM Tokyo – January new vehicles sales rise 36.8% in Japan. U.S regulators approve Toyota’s solution to fix foot pedal problem. Honda launches its worldwide recall to fix power windows. Toshiba Corp. said fiscal year sales are expected to be 5.9% lower.
The benchmark stock index fell 0.1% in Japan as Toshiba slashed its annual sales forecast by 5.9%.
In Tokyo trading Nikkei 225 Stock Average increased 0.1% or 6.98 to 10,205.02, and the broader Topix Index dropped 0.3% to 898.61.
In the first section of the Tokyo Stock Exchange 11.3 billion shares valued at 843 billion yen were traded and in the second section 212 million shares worth 1.7 billion yen changed hands.
Of the Nikkei 225 index stocks, 92 gained, 121 fell, and 12 were unchanged. Toto Ltd. led gainers in the index shares with a rise of 7.1% followed by Clarion Co. Ltd. advancing 5.7%.
New Vehicle Sales Rise 36.8% in Jan
Japan Automobile Dealers Association said sales of new vehicles advanced 36.8% to 238,362 units in January from a year ago, rising for the sixth straight month.
Passenger car sales edged up 42.8% to 219,844 units, sales of standard-size models surged 68.1% to 106,290 units and small cars jumped 25.2% to 113,554 units.
Sales of standard-size commercial trucks dropped 14.2% to 5,492 units.
Toyota Motor Corp.’s January sales soared 42% to 117,154 vehicles, Nissan Motor Co. sales increased 24.3% jump to 38,260 units and Honda Motor sales climbed 65.3% to 36,510 units.
Sales for Mazda Motor Corp. increased 31.9% to 14,119 units, while Mitsubishi Motors sales jumped 55.7% to 4,652 vehicles.
Total domestic vehicle sales in 2010 are expected to increase 4.1% to 4.8 million.
U.S. Regulators OK’s Toyota’s Recall Plan
Wall Street Journal reported yesterday U.S. National Highway Traffic Safety Administration has cleared Toyota Motor Corp.’s plan to fix accelerator pedals after recalling 2.3 million vehicles in the U.S.
Toyota will effectively begin shipment of repair parts to dealers this week.
The automaker has since suspended sales of eight models to ensure safety, while production of the models has been suspended at five plants in North America. Production is likely to resume on February 8.
Toshiba Corp. Cuts Sales Forecast 5.9%
Toshiba Corp. reported Friday estimated fiscal year sales to drop 5.9% to 6.4 trillion yen from 6.8 trillion yen on falling demand as the global recession was more “persistent” than earlier forecasted.
However, the company projects an annual loss of 50 billion yen and operating profit of 100 billion yen.