Japanese carmakers get a currency boost

Article Excerpt

These two Japanese automakers reported higher U.S. sales in 2013, thanks to new models and pent-up demand after the 2008-2009 recession. Meanwhile, like Canon (see page 23), the low Japanese yen is increasing the value of their overseas sales. TOYOTA MOTOR CO. ADRs $116 (New York symbol TM; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.6 billion; Market cap: $185.6 billion; Price-to-sales ratio: 0.8; Dividend yield: 1.7%; TSINetwork Rating: Above Average; www.toyota.com) is the world’s biggest carmaker by sales. It also makes industrial equipment, such as forklifts and prefabricated housing. Like most automakers, the company offers vehicle loans through its financing division. In 2013, Toyota sold 2.24 million cars and trucks in the U.S., up 7.4% from 2.08 million in 2012. That’s partly due to strong demand for its hybrid cars, which use gasoline and electricity. The company has sold 6.1 million of these vehicles since it started offering them in 1997. Toyota now sells 24 hybrid car…