Car shopping is not going to get much easier anytime soon, according to an executive at the world's largest automaker.
Toyota's executive vice president of sales, Jack Hollis, told the Automotive Press Association on Thursday that he does not expect the supply shortage to ease up until late 2023.
"We're going to be dealing with this for one more year. I do not believe we're going to see growing dealer stock for one more year. I think we're going to be in a situation, speaking for Toyota and Lexus, where whatever we wholesaled is what we'll retail," Hollis said, according to Automotive News.
Toyota's U.S. sales dropped 22% in the second quarter of 2022 due to tight supplies, following several months when it outsold General Motors.
TOYOTA PROFIT HIT BY SUPPLY SHORTAGE, RISING COSTS