中国车市暖了，这家企业乐了

Toyota is leading the recovery among some original equipment manufacturers that have benefited from the recovery in Chinese auto sales since April. It is capitalizing on its strong brand images as OEMs providing quality.

Reliable cars at reasonable prices and higher residual values, which attracts customers despite the coronavirus-driven economic down cycle.

The strength of Toyota's business profile also extends to the premium segment in China where its imported Lexus series posted the strongest growth among luxury brands. In general, Toyota's retail sales here grew by around 8% over the past five years, and it has become the largest second-tier luxury brand after BMW Brilliance Automotive in China.

According to Fitch Ratings, all the above help Toyota to offset downward pressure on profitability and cash flow in other regions, and to maintain robust credit profile.

自今年四月以来，得益于中国汽车销售回暖，丰田在部分原始设备制造商中领跑复苏。丰田利用其作为提供优质原始设备制造商、质量可靠且价格合理、较其他品牌更高的残值等优势建立起来的强大品牌形象，在新冠病毒导致经济进入下行周期背景下仍吸引了不少客户。

丰田汽车业务的实力也扩展到了中国高端市场。在中国，进口的雷克萨斯系列汽车在豪华品牌中增长最快。总体而言，丰田汽车在过去五年中的在华零售额增长了8%左右，并且已成为仅次于华晨宝马汽车公司的第二大奢侈品牌。

惠誉评级认为，上述所有均有助丰田抵消在世界其他地区盈利能力和现金流充裕度下降的压力，同时仍能保持良好的信用状况。

来源：经济日报·外企头条工作室