Toyota recall to shrink company's market share

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Udita Lal

13 February, 2010

Toyota is still recuperating from the recall of 8 million of its vehicles including the top seller Camry. The resultant drop in its market share will take a long time for the world's largest automaker to recover.

ONE OF the largest recall by the Toyota Motor Corp this year, may make the company lose its market share as it falls to third place behind Ford Motor Company.

The company’s share has fallen more than 1 per cent beating earlier forecasts. An analyst at JP Morgan Chase predicted that Nissan Motor Co. and Hyundai Motor Co. will also take advantage of the temporary sway in demand.

A Toyota spokesman, Mike Michels said in an email that though the sales are impacted, the actual degree of effect is still not clear and that the company is focused on customers and revving up sales plans.

The recall of 8 million vehicles including the top seller Camry has affected the world’s largest automaker which is still recuperating from it. Toyota beat General Motors Corp (GM) in 2008 by being the top in sales and holding on to it last year. GM capitalized on the recall by offering $ 1,000 refund for Toyota owners.