Toyota beefs up incentives a response to dismal April sales

Toyota, which saw a 41.1 percent drop in April sales, is going to be beefing up incentives by reducing interest rates, offering consumers cash and pushing for more leases. The Japanese automaker said that it will also boost production of its best-selling model – the Camry.

Toyota lost 1.5 percentage points in April, coming in behind Ford and Chevrolet.

“We’re confident we will grow market share through 2009,” said Bob Carter, division general manager.

Carter said that Toyota launched a new campaign called ‘Perfect Timing’ this past Friday. The campaign will become more aggressive during the week of May 11. He told Automotive News that the promotion will mainly focus on leases in the East and low interest rates in the West and Midwest.

Carter said there will also be “enhanced packages” of the incentives Toyota currently offers. Toyota will release more details later this week.

– By: Omar Rana