Toyota Motor Corporation retained its Number One global sales lead over a formidable and expanding Volkswagen Group by selling 5.1 million vehicles through the first two quarters of 2014. Volkswagen Group sold 5.07 million vehicles, while General Motors Company, with its top management distracted and consumed by the ongoing killer ignition switch tragedy / fiasco, sold to 4.92 million vehicles as its European and South American operations posted declines.
It was the latest setback for GM, which reported dismal Q2 earnings of $200 million, or $0.11 per diluted common share after taking charges for recalling 29 million vehicles – thus far – this year. One year earlier, GM earned $1.2 billion or $0.75 per diluted share. (Ford Motor made $2.6 billion in Q2.) GM delivered 2.5 million vehicles during Q2, the same as one year ago in a recovering market. GM’s global market share was down -0.3% at 11.3%. (GM Q2 Flops with $200 Million Net Income. Stockholders Whacked with $1.2 Billion in Recall Charges)
Toyota and Volkswagen are predicting more than 10 million shipments for each group during 2014.