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Nairaland Forum / Nairaland / General / Car Talk / Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades (18584 Views)
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Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by eyesoflagostv: 6:34am On May 12, 2017 |
TOYOTA BOSS LAMENTS NIGERIA’S LOWEST VEHICLE SALES RECORD IN DECADES source: http://www.eyesoflagos.com/2017/05/toyota-boss-laments-nigerias-lowest.html The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, has lamented the poor vehicle sales recorded in the country in the first quarter of the year which fell to an all time low of 2,000 vehicles within the period. Briefing newsmen at their Lekki, Lagos office during their quarterly meeting, the managing director disclosed that the total sales figure of vehicles across the country including all brands stood at 2,000 units when compared to 5,500 vehicles sold within the same period in 2016. He, therefore, forecast that given the way the industry was going, it would be difficult for all the car companies to sell 9,000 vehicle before the end of the year He attributed the poor sales and import figure of vehicles to scarcity of foreign exchange, devaluation of the naira, high interest rate and high duty being paid by automobile companies in the country. Ade-Ojo said, “The scarcity of foreign exchange, devaluation of the naira and the high interest rate coupled with the economic shortfall hiked prices of vehicles and crippled buying power of many buyers,” adding that 3500 units of vehicles were imported in the first quarter of 2016, while 350 units of vehicles were imported in the first quarter of 2017, the lowest in the last decade. Annual imiport vehicle figure before 2016 was between 50,000 to 100,000. He added that even with recent efforts made by the government to tackle the forex challenge, the sector has not seen positive results, stressing that vehicles were being overvalued by customs official at ports of entry. “If we add everything we pay like VAT and other taxes, you will discover that the vehicle importer pays as much as 85 per cent duty on a single car,” noting that his company paid as much as N15m on one Land Cruiser vehicle. Despite all the challenges, he said that Toyota still leads the market in terms of vehicle sales and import and attributed Toyota’s lead to quality of product, excellent after sales and availability of spare parts. According to him, Toyota sold about 7,000 cars in 2015 and about 4,000 vehicles in 2016 to further its share from 24 per cent in 2015 to about 26 per cent in 2016. The total retail market in the country stood at 42, 000 in the country in 2015 and fell to about 15, 000 by the end of 2016 to indicate market drop of about 42 per cent. Ade-Ojo added that vehicle import for 2015 was at 18, 000 but came down to 7, 000 in by the end of 2016. Despite the challenges in the market, the company has continued to lead the sector, importing 43 per cent of the vehicles in 2015 and in 2016 has share of 38 per cent
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Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by ise82(m): 6:36am On May 12, 2017 |
It's sad. 1 Like |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 6:37am On May 12, 2017 |
People can barely eat and you re here talking of buying cars, some families are even selling off their cars to feed. 107 Likes 6 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by walemoney007(m): 6:38am On May 12, 2017 |
buhari led administration has ruin this country,nigeria is in a bad condition 93 Likes 5 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by walemoney007(m): 6:41am On May 12, 2017 |
ovadozes:the only nonsense i do hear from this walking corpse of a president is about fighting corruption,power its now worst and people still pay more. unless we wanna lie to ourself,nigeria is presently in a bad shape,it needs to be repaired.things are getting worst every day 106 Likes 6 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Redoil: 6:42am On May 12, 2017 |
Ade ojo the member of the change agent 13 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by obamabinladen(m): 6:42am On May 12, 2017 |
ovadozes: He's only telling us that many Nigerians will lose their jobs very soon. 91 Likes 5 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by layzie: 6:44am On May 12, 2017 |
What do u expect when you put a price tag of N18m on a Toyota Corolla? That we should buy? Review your prices ASAP and watch the sales figure go north. 14 Likes 2 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by madone: 7:03am On May 12, 2017 |
Sack letter awaits this government by 2019 APC or not Buhari must go.they have fed is with what they know best.....news ,propagada, thieves catching thieves. 8 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by crackerspub: 7:17am On May 12, 2017 |
SAI BUHARI Just 2 years Imagine 8 years how ego be ![]() ![]() Still waiting for 1 dollar = 1 Naira 22 Likes
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Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Goldenheart(m): 7:17am On May 12, 2017 |
![]() 1 Like |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Dottore: 7:18am On May 12, 2017 |
He should stop lamenting joor. Nigerians still they buy Toyota as tokunbo more than any other make. 2 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by abumeinben(m): 7:18am On May 12, 2017 |
A whole Toyota recorded low..... I mean yoh Shai, yoh shangi...good thinking, good product! I just don't understand. I thought crush foreign cars should cement the porthole for Innoson vehicles and now Innoson isn't even heard of anymore. And some youths would be chanting one sai baba in battle cry. Why is the Nigerian situation like a sine wave, why not a positive rising graph? Every one's whining and some keep stealing and others heads go for it. I'm not an economist, however, I feel the microeconomic impact would go a long way strengthening economy in the long run. If SMEs can survive, who would oil companies sell to? |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Mr2kay4(m): 7:18am On May 12, 2017 |
![]() It's buhari For your web designs kindly contact me via signature.Thanks |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 7:19am On May 12, 2017 |
Recession.mp3 is the new hit track in town. God help 9ja 9 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by crackerspub: 7:19am On May 12, 2017 |
obamabinladen: hahaha you are a smart person thats true 21 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 7:19am On May 12, 2017 |
Buhari 17 Likes
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Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by lowgang: 7:20am On May 12, 2017 |
abumeinben:what's this
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Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Jeffchuks: 7:20am On May 12, 2017 |
That's what happens when you sell cars at dollar equivalent to citizens. Exchange rate is high and unstable. 1 Like |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 7:21am On May 12, 2017 |
Its really rough being a Nigerian now... but Nigerians are designed to be stronger than any situation. 15 Likes 2 Shares
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Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by austinereds(m): 7:22am On May 12, 2017 |
It's just sad. Well thanks to recession. In due time we will pull out of it and sales would be bouyant again. |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 7:23am On May 12, 2017 |
Good Stup1d toyota have 24% market share in a country as big as nigeria yet they don't have atleast an assembly plant here. People should completely boycott toyota and go for the ones that have plants in nigeria. Enough of shipping our money abroad to buy nonsense toyota (one of the things that crumbled our economy to begin with) and reduced people's purchasing power. 23 Likes 1 Share |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by sylve11: 7:24am On May 12, 2017 |
layzie: you just wan comment for comment sake. ![]() ![]() 8 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by supereagle(m): 7:25am On May 12, 2017 |
crackerspub: Can he stay 8years because of health issues? 1 Like |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by crackerspub: 7:27am On May 12, 2017 |
5 Likes |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Nobody: 7:28am On May 12, 2017 |
This is expected. When you go to their major dealers like globe motors, stallion motors etc, Corolla is sold for 20,million naira. Camry, 30 million naira, Rav 4 18million naira, Prado, 40million naira, Land cruiser 45 million, Avalon, 35 million etc all brand new, 2017. Just tell me which company in its right sense would buy a COROLLA for 20million. Other brands like Hyundai were affected. e. G the elantra which was 3.5 million brand new is now 8.9 million. ELANTRA?? Jesu! However, upon checking the cost of corolla in US, which is around 15k dollars, and multiply by 400, u get not up to 5 million naira. Our customs are very greedy and it seems they don't know the economic effect of their actions on the whole populace. How can u pay 85% of the real value of a car. Buhari should go please Why won't I then go for tokunbo jejeli and use the change to build an estate. Corolla 20million. Tufiapa 44 Likes 3 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by SalamRushdie: 7:30am On May 12, 2017 |
Another fallout of Buharinomics ...After his selfish coup of 1983 Nigerians will for the first time in thier history come to know the term 2nd hand car as his very poorly thought out policu crippled the finances of the middleclass ..Ladies and gentleman we have a repeat again where no single person in the middle class can afford a brand new toyota corrolla again and yet people will say its not Buharis fault .. 25 Likes 2 Shares |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by abumeinben(m): 7:31am On May 12, 2017 |
lowgang: Sorry boss, It's a shortened code for a long epistle: A whole Toyota recorded low..... I mean yoh Shai, yoh shangi...good thinking, good product! |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by SalamRushdie: 7:32am On May 12, 2017 |
layzie: Is he the one that put a price tag of 18 million on toyota corrolla or Buharis poor economic policies did ? 16 Likes 1 Share |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Onyenna(m): 7:35am On May 12, 2017 |
Ike agwula 9ja |
Re: Toyota Boss Laments Nigeria’s Lowest Vehicle Sales Record In Decades by Beno3: 7:35am On May 12, 2017 |
How many manufacturing plants way them get for Nija. 1 Like 1 Share |
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