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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Model Y drags down Tesla's ranking in annual reliability survey by Consumer Reports

11/19/2020 | 10:49am EST
FILE PHOTO: The Tesla logo is seen

DETROIT (Reuters) - Tesla Inc's newly introduced Model Y crossover, which has had body-hardware and paint issues, dragged down the electric-car maker's standing in Consumer Reports magazine's annual reliability study.

Owners of the Model Y, which began production in January, have reported misaligned body panels that had to be fixed and mismatched paint including, in one case, human hair stuck in the paint, according to Consumer Reports. The Model Y finished with a "much worse than average" reliability rating.

Tesla's ranking would have risen a few spots if not for the Model Y's performance, said Jake Fisher, senior director of auto testing at Consumer Reports.

New models often have reliability issues, but Tesla's problems were not typical.

"I am surprised that we would see just basic paint and trim type issues and body panel fitment issues," he said in an interview. "You would think that that would have been worked out a long time ago."

"Really disappointing when you spend this much money for a car and hopefully they'll be able to rectify a lot of these as time goes by," Fisher added.

Tesla's ranking slipped two spots to No. 25 out of 26 brands rated in the U.S. market, ahead of only Ford Motor Co's Lincoln luxury brand, according to the annual survey released on Thursday. (www.CR.org/reliability)

The Tesla Model S sedan and Model X SUV were both "worse than average, with the former losing its "recommended" status, Fisher said. The Model 3 sedan maintained an "average" rating and its "recommended" status.

Tesla could not be reached for comment.

The poll predicts which new cars will give owners fewer or more problems, based on data collected for more than 300,000 vehicles from model years 2000 to 2020. Its scorecard is influential among consumers and industry executives.

Brands with no major changes to their lineups, such as Mazda Motor Corp, made gains. Mazda finished above Toyota Motor Corp's Toyota and Lexus brands, marking the first time a Toyota brand did not finish first in the survey, Fisher said.

The reliability of full-sized pickups, the most popular vehicles in the U.S. market, was weaker.

General Motors Co's Chevrolet Silverado and GMC Sierra 1500 pickups had "much worse than average" reliability, while Fiat Chrysler Automobile's Ram pickup finished "worse than average." Ford's F-150 was not rated because a redesigned model was just launched, but the larger F-250 and F-350 versions were "average."

(Reporting by Ben Klayman in Detroit; Editing by Bernadette Baum)

By Ben Klayman


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. -3.45% 12.428 Delayed Quote.-12.20%
FORD MOTOR COMPANY -3.26% 10.815 Delayed Quote.27.30%
GENERAL MOTORS COMPANY -4.72% 49.5562 Delayed Quote.24.98%
MAZDA MOTOR CORPORATION -1.29% 765 End-of-day quote.10.55%
TESLA, INC. -0.25% 880.695 Delayed Quote.25.14%
TOYOTA INDUSTRIES CORPORATION 1.64% 8680 End-of-day quote.5.98%
TOYOTA MOTOR CORPORATION 0.22% 7677 End-of-day quote.-3.52%
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Financials
Sales 2021 26 040 B 250 B 250 B
Net income 2021 1 523 B 14 637 M 14 637 M
Net Debt 2021 15 002 B 144 B 144 B
P/E ratio 2021 14,1x
Yield 2021 2,97%
Capitalization 21 048 B 203 B 202 B
EV / Sales 2021 1,38x
EV / Sales 2022 1,24x
Nbr of Employees 359 542
Free-Float 62,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8 122,22 JPY
Last Close Price 7 528,00 JPY
Spread / Highest target 27,5%
Spread / Average Target 7,89%
Spread / Lowest Target -25,6%
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Managers and Directors
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
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