Toyota Takes Top Sales Spot; Are Shares a Buy?
Toyota Motor became the world’s top car manufacturer in terms of global vehicle sales for the first-quarter, taking the top spot from U.S. car maker General Motors , according to Toyota's figures out Tuesday.
“They are doing well because they have products that people want and can afford,” Howard Wheeldon, senior strategist at BGC Partners, told “Worldwide Exchange.”
And investors can expect Toyota to stay in pole position for the rest of the year, Wheeldon said.
But despite GM's struggling sales, shares of the Detroit automaker are the more attractive for investors. GM's stock price could rise as the company makes inroads into Chinese and Indian markets, Wheeldon said.
Toyota shares, on the other hand, have little room to run, he noted.
But Seijiro Takeshita, director of Mizuho International, disagreed, telling "Worldwide Exchange" that "Toyota has been sold too rigorously recently, in the overall selling of the automobile side."
Mizuho International retains its "buy" rating on Toyota and Takeshita expects more upside surprises for the stock.