The past couple of years has seen a lot of talk about consumers are turning away from cars towards trucks and utility vehicles. U.S. automakers have responded to this trend by announcing cuts to their car lineup - General Motors being the latest one. But other automakers are being more cautious.
Jim Lentz, CEO of Toyota North America told a gathering at the Detroit Economic Club last week that car sales are reaching the point of bottoming out - just under 30 percent in November sales. Unlike the American brands, Lentz isn't giving up on cars as they represent more than 4 million compact, midsize, and near-luxury cars sold to buyers.
"There’s no way I’m going to walk away from that. We are always going to have a bias toward passenger cars,” said Lentz.
The Associated Press reports that sales of passenger cars "are on pace to be 800,000 vehicles below 2017, while truck and SUV sales should increase by the same amount."
Source: Associated Press