A top Toyota Motor Corp. executive says the auto industry has to quickly change its model lineups and develop clean technology because energy sources are shrinking and costs and environmental concerns are on the rise.
Bob Carter, group vice president and general manager of the Toyota Division in the US, called on automakers and parts supply companies to turn to each other for help in dealing with high gas prices and slumping US sales.
"There's no more time-outs. The game is on the line here," he said in a speech at the Center for Automotive Research Management Briefing Seminars in Traverse City.
"We have to radically revamp our lineups, create cleaner technology, and work with others to develop new energy, new fuelling stations and smarter roads," Carter said.
That can only be achieved through greater collaboration, innovation and risk-taking, he said in his speech.
"Great ideas will not only rescue us from the current downturn, they'll help us meet the even greater challenges that lie ahead," he said.
Carter predicted the full-size pickup truck market will eventually recover from its current slump, but he predicted a rough patch for Toyota in the short term. The US auto market, he said, will see gradual improvement in 2009, with steady progress in 2010.
US auto sales were down nearly 11 percent during the first seven months of this year, with truck sales off nearly 19 percent.
Carter also said US population growth will fuel added auto sales in the long term, with 32 million more people in the country in the next 12 years. He predicted total industry sales in the U.S. will return to their peak of 17 million vehicles a year, and possibly exceed it.
