General Motors is currently the leader of the Canadian automotive industry, with Chrysler taking the second place last year. However, the economic downturn and the lack of credits hurt both Chrysler and Ford, two powerful companies that experienced problems on most emerging markets.
"This would be a first. Chrysler on rare occasions has beaten Ford for the number two position but never has a foreign-based manufacturer come in second in the Canadian market,” industry analyst Dennis DesRosiers was quoted as saying by The Financial Post.
Prius, increased by 34 percent. Several other Canadian models, such as Corolla and Lexus RX, also sold well, Toyota spokesman Sandy Di Felice commented.
"Toyota's coming off great momentum and they have a strong product line," said Chris Travell, vice president of Maritz Research's Automotive Group in Canada. "It's just now a question of what's going to happen in the macro-economic environment. If the Canadian economy tanks, Toyota will not be immune from that. No one will be."
On the other hand, Toyota recently reported the first ever annual operating loss, with a number of cost-cutting measures supposed to preserve cash and jobs at facilities all around the world. The Japanese company yesterday announced it will cease production of two new plants in Thailand and Russia, respectively, in order to be able to align its offering with the market demand.