CORRECT: U.S. Toyota Dealers Concerned Of Prius Supplies
14 Marzo 2011 - 9:39PM
Dow Jones News
U.S. dealers for Toyota Motor Corp. (7203.T0), TM) are growing
concerned over the tight supply of Prius hybrids and the auto
maker's ability to produce the popular cars in the wake of the
earthquake and tsunami in Japan last week.
Because of a sharp rise gasoline prices over the past two months
in the U.S., Prius sales in the U.S. have been rising, leaving some
dealers with low inventories on their lots. After the earthquake,
Toyota said it has halted all vehicle production in Japan--where
the hybrid is made--until at least Wednesday. The plant that makes
the Prius wasn't damaged, but the company is still assessing
whether parts suppliers were hurt in the devastation caused by the
tsunami.
"Prius stock is a little bit short," said Pete DeLongchamps,
vice president of manufacturer relations for Group 1 Automotive
Inc. the second-largest Toyota franchise owner in the U.S. "What we
have to keep an eye on is the actual supplier, not the plant that
makes the car."
At end of February, Toyota had 17,997 Priuses in dealer
inventories in the U.S.--enough to last about a month. In February
the company sold 13,539 Priuses, and March sales were expected to
rise, because warmer weather brings out more car shoppers and
higher gas prices have boosted demand for the Prius.
Prius sales traditionally rise and fall in direct relationship
with the price of gas. Gas prices averaged $3.56 across the U.S.
Monday, up from $3.13 a month ago.
"I would say the days' supply is getting short quickly, and
sales have gone up quite a bit and the supply was anticipated to go
up as well," said Larry Kull, president of Burns-Kull Automotive in
Vineland, N.J. and president of Toyota's dealer council. "They are
still assessing the damage, but I doubt we are going to get a lot
of clarification within a day or two."
Toyota spokesman John Hanson would only say that Prius
production had stopped along with all its plants in Japan. A report
by IHS Automotive said a Panasonic Corp. (6752.TO, PC) battery
component plant in Japan may have been damaged, but the report
didn't indicate whether the plant may have supplied batteries for
the Prius.
Earl Stewart, owner of Earl Stewart Toyota in North Palm Beach,
Fla. said he is completely out of Priuses and is waiting on new
shipments. His dealer is one of the largest in the Southeast.
"The Prius is a huge issue for us," he said. "What I am worried
about is how they are going to get them from the plant to the ports
and what shape are the ports in?"
By Mike Ramsey, The Wall Street Journal
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