Toyota started 2021 off with strong sales in January, a trend mirrored throughout the auto industry last month that suggests the worst of the pandemic-driven downturn may be over for vehicle manufacturers.
The Japanese automaker’s U.S. sales were up slightly from a year ago, and sales of its San Antonio-built pickup trucks surged despite a global computer chip shortage that slowed production at the South Side plant.
Toyota dealers sold 18,878 midsize Tacoma trucks last month, up more than 10 percent from January 2020.
The full-size Tundra, meanwhile, had sales of 6,334, down just under 5 percent from a year earlier.
Nearly all major automakers have had to rejigger production to save available semiconductor chips for their most profitable and best-selling models, according to analysts at Fitch Ratings.
Semiconductors are found in nearly all computerized devices and help power the increasingly advanced electronics in vehicles, such as driver assistance and entertainment systems.
The worldwide shift to working and learning from home, along with greater demand for semiconductors in vehicles, overwhelmed chip makers and forced them to play catch-up in recent months.
In response to the shortage, Toyota temporarily cut production of the Tundra last month.
“The shortage is disrupting automotive production in most regions, leading to sporadic slowdowns and selective plant shutdowns, although the overall scale and magnitude of the problem is not yet known,” Fitch Ratings analysts wrote Friday.
Automakers in North America could see production fall by about five percent this quarter due to the semiconductor shortage. Fitch expects chip production to be back to normal by the second half of this year, however.
“The shortage could delay the automotive sector's recovery from the pandemic-related drop in demand,” Fitch said.
Toyota outperformed the overall U.S. auto industry last month with a slight increase in sales from a year earlier.
Total vehicle sales in the U.S. last month were down 3.7 percent compared with January 2020. Analysts considered that a mild drop, though, and said it was partially due to an extra selling day in January of last year.
The industrywide sales figures for January suggest “the vehicle market is starting the year on solid ground even with so much uncertainty in the economy,” said Charlie Chesbrough, senior economist at Cox Automotive.
On Monday, Toyota said it’s unveiling its “SmartPath” online system later this month that will allow customers in some cities to buy a vehicle virtually.
Shoppers can start the car buying process online, save their progress and complete the purchase at a dealership. Or they can complete their purchases online.
“By utilizing SmartPath, customers have more control over how they purchase their vehicle, increased transparency into current inventory and real-time pricing, and flexibility to shop when and how they want,” the company said.
Online car buying has grown in popularity since the onset of the pandemic.
Among more than 1,800 car shoppers, 76 percent said they’re open to the idea of buying a vehicle completely online, according to a recent Cox Automotive survey. And 80 percent of franchise dealers surveyed said they plan to offer more parts of the car-buying process online in the next year or two.
Dealers estimate that 56 percent of auto sales will be conducted online by 2030, according to Cox.
“Consumers are making it pretty clear: they have no interest in resorting to old ways,” said Isabelle Helms, vice president of research and market intelligence at Cox Automotive. “As an industry, we have demonstrated that it is possible to sell a car online and improve the experience of all parties involved.”
diego.mendoza-moyers@express-news.net
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