The fallout in China, however, is a bigger problem for Toyota. Its sales there halved from a year earlier in September. This was a steeper decline than for Japanese peers as the car giant is the marque that most symbolises Japan. But then only one-tenth of Toyota’s global unit sales are in China, compared with more than a quarter for Nissan.
然而,此次召回在中国造成的负面影响对丰田而言是个更大的问题。今年9月,丰田在华汽车销量同比下降一半,降幅比其他日系车更大,这是因为丰田的汽车是最典型的日货。然而,丰田在华汽车销量仅占其全球销量的十分之一。与之形成对比的是,日产(Nissan)在华汽车销量占其全球销量的四分之一以上。
The recalls were announced after the market had closed. But investors have already knocked one-tenth off Toyota’s share price over the past few weeks for its travails in China. It now trades at 11 times forward earnings. Granted, this is a big premium to the likes of Nissan and Volkswagen, but well below Toyota’s long-term mean. Moreover, margins at the earnings before interest, tax, depreciation and amortisation level are half those of the past decade, mostly because of the strong yen (Toyota is committed to domestic production). Still, it has limited exposure to Europe and a large presence in the US, where demand has not collapsed. Mr Toyoda will recall worse years before this one.
【Lex专栏:召回事件令丰田雪上加霜】相关文章:
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