Toyota Motor Corporation announced its third quarter 2011 results. Net revenues for nine months 2011 amounted to 12,881.1 billion yen, a decrease of 10.2% compared to the nine months in 2010. Operating income was also down, from 422.1 billion yen to 117.1 billion yen.

The total number of vehicles sold across the group in the nine months amounted to 4,995,000 units, a decline of 522,000 compared to the same period of nine months in 2010. In Japan, Toyota sold 1,357,000 vehicles, a decline of 131,000 vehicles. North American vehicle sales totalled 1,268,000 units, a decline of 280,000. In Europe, however, vehicles sales increased by 4,000 units to 580,000 vehicles, whilst across Asia (excluding Japan), Toyota sold 894,000 vehicles, a decline of 16,000 vehicles. In Central and South America, Oceania and Africa, Toyota sold 896,000 vehicles, down 99,000 on the previous year.

Toyota Motor Corporation is a leading automobiles manufacturer in the world. The company is engaged in the design, manufacture, assembly and sale of passenger cars, mini vans, recreational and sport-utility vehicles, commercial vehicles such as trucks and related parts and accessories. In addition, the company's financial services business is engaged in financing activities principally to its dealers and customers for the purchase or lease of Toyota vehicles. Toyota has its manufacturing facilities located across 50 locations in 26 countries worldwide. The company has its operations spread across North America, Europe and Asia, and its products reach over 170 countries, worldwide. Toyota is headquartered in Tokyo, Japan.

The financial hardships resulting from the recession has triggered changes in consumer purchasing patterns for durable goods. Tight liquidity and financial constraints have redefined value and have induced simplicity in lifestyles. With one of the inescapable symptom of the recession being declines in consumer spending and purchasing power, a seismic change in attitude in currently underway with consumers cutting down on spending on products which are considered as luxury. The prolonged recession has interestingly induced a long-term shift in consumer perception towards performance, price and value offered by products, which is expected to linger on even into the post recession period. Demand has therefore considerably weakened for sports cars. This scenario is especially pronounced in the developed markets like the United States where the recession has been the sharpest, shaving off personal wealth to historical levels. The lull in the sports car segment can be thrown into sharp relief by the announced plans to discontinue Mazda's RX-8, the segment's only rotary engine based automobile, in the United States. Manufacturers of all types of sports cars have witnessed over 50% decline in sales over the period 2008 through 2010. Brands which have taken it on their chin include Mazda Motor Corp.'s MX-5 Miata, RX-8, Mitsubishi Motors Corp.'s Eclipse, Nissan Motor Co. Ltd.'s GT-R coupe, and 370Z, and General Motors Co.'s Chevrolet Corvette, and Chevrolet Camaro.

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