Shanghai, March 5 (Gasgoo.com) Toyota Motor Corp has started a zero-percent financing program this month to win Chinese buyers back after global recalls of more than 8 million vehicles, including over 75,000 Toyota RAV4 SUVs in China, marred the company's reputation, Bloomberg reported today.
The Recall-plagued Japanese automaker will offer buyers the financing for its Crown sedan from March 10 through the end of April. The same incentive was offered for the 2.4-liter version of the Camry sedan on March 1 and will last until the end of this month or beyond, said a Toyota spokesman in Beijing.
This sales push comes after company President Akio Toyoda's visit earlier this week to China, the world's biggest auto market, to apologize for Toyota vehicle defects linked to unintended acceleration. Toyota recalled 75,552 RAV4 sport-utility vehicles in China due to faulty gas pedals.
FAW-Toyota, a Chinese venture between Toyota Motor and FAW Group, is also offering a year's premium of car insurance and two years of 24-hour roadside assistance to new buyers, in addition to 88 yuan ($13) in gasoline cards for potential customers who test-drive models, Yokoyama said.
"Toyota is trying to recover from the negative impact after the recall," said John Zeng, a Shanghai-based auto analyst. "The incentives will only be enough to keep sales at the average market level."
Chinese customers who use financing usually pay half the price of the car when they receive it and the rest a year later. Toyota's no-interest loan offer applies to the second payment, Yokoyama said.
