TOKYO -- Suzuki Motor Corp. failed to meet its sales target for the last fiscal year, but the company still has ambitious plans to triple North American sales over the next five years.
Suzuki wants to sell 250,000 units in North America in the fiscal year ending March 31, 2010.
Suzuki already has a North American sales target of 200,000 by 2007. This is Suzuki's first statement about a sales target after that.
Suzuki is behind schedule. It wanted to sell 100,000 vehicles in North America in 2004, but sold 73,946.
Although the target was missed, 2004 sales still rose 26.5 percent compared with 2003. Suzuki unveiled a five-year plan on Wednesday, May 11, with various targets for fiscal years until March 2010. It also said its profits rose on higher sales and a more profitable mix in the last fiscal year, which ended March 31.
The plan calls for Suzuki to build 170,000 Suzuki-badged vehicles at CAMI, its plant in Ingersoll, Ontario, owned jointly with General Motors.
|Suzuki's 5-year plan|
|Suzuki aims for major growth by the fiscal year ending March 31, 2010.|
|Goals for Year ending March 31, 2010||% change from year ending March 31, 2005|
|Car and truck sales||2.6 million||37.60%|
|Operating profits||$1.40 billion||37.00%|
|Source: Suzuki Motor Corp.|
CAMI built no Suzukis in the last fiscal year.
Suzuki's production at its plant in Hungary will nearly double over the next five years to 221,000, from 111,000 in the last fiscal year.
The plan also aims for European sales of 350,000 in five years, up from 240,000 last year.
Sales in Asia outside of Japan are forecast to jump to 1.23 million, from 830,000 last year.
Sales worldwide are to rise to 2.60 million, from 1.89 million in 2004.
Suzuki's net income jumped 38.0 percent in the latest fiscal year to $563.5 million.
Revenues rose 7.6 percent to $23.03 billion.
Operating profits rose 13.0 percent to $1.00 billion. Car and truck sales rose 9.0 percent to 1.89 million worldwide.
You may e-mail James B. Treece at [email protected]