AFP: Toyota’s May US sales drop 8 percent

AFP: Toyota’s May US sales drop 8 percent

CHICAGO (AFP) — Toyota Motor on Tuesday reported an eight percent drop in May US sales amid a broad economic slowdown.

Sales at the Japanese automaker’s luxury Lexus division fell 20 percent to 26,593 vehicles while Toyota and Scion brand sales fell 6.3 percent to 230,811.

Total year-to-date sales were down five percent to 1,046,852.

A bright spot was the new Corolla, which posted record sales of 52,826 units, an increase of 12.4 percent over May 2007.

“The all-new Corolla really found its stride this month,” Toyota Motor Sales USA President Jim Lentz said in a statement.

“Launched amid soaring fuel prices and economic uncertainty, Corolla strikes a sweet spot for buyers seeking refinement in addition to fuel efficiency and affordability.”

Limited supplies of Toyota’s popular Prius hybrid stemmed Toyota’s ability to capitalize on a consumer shift toward fuel-efficient vehicles amid rising gasoline prices, the automaker said.

Prius sales fell 40 percent to 15,011 in May but were up 2.2 percent at 79,675 for the year. Total hybrid sales reached 26,019 for the month and 127,353 for the first five months of the year.

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