DETROIT (AP) - Toyota Motor Corp. (NYSE:TM), coming off its most successful sales month in the U.S.,said Friday that it is offering another round of incentives on its full-size Tundra pickup trucks.
The incentives offered through July 31 include a choice of zero-percent financing for five years, rebates of up to $3,500, or reductions of $500 on down payments on three-year leases. The monthly payment on the leases remains $259, but the down payment drops to $2,499 from $2,999.
Japan's Toyota passed Ford Motor Co. (NYSE:F PRS) (NYSE:F PRA) (NYSE:F) for the No. 2 sales spot in the U.S. in May, when its sales increased 9.7 percent over year-earlier levels. General Motors Corp. (NYSE:BGM)remains No. 1.
Tundra sales in May totaled 17,727, up 114 percent from April. Toyota spokesman Bill Kwong said the incentive program was launched in response to intense competition in the full-size pickup segment. Overall sales of full-size pickups are down 5.5 percent so far this year.
This is the second round of Tundra incentives in 2007. In February, Toyota offered low-rate financing and lease deals and a program that provided dealers with three $250 coupons for every regular cab truck in stock. Dealers could apply the coupons in any combination.
In January, Toyota announced a 2007 goal of selling 200,000 Tundras -- assembled in Texas and Indiana with more than 75 percent U.S. parts -- after selling 124,500 in 2006. The Tundra is vying for a share of the market long dominated by Ford's F-Series pickup, GM's Chevrolet Silverado and DaimlerChrysler AG's (NYSE:DCX) Dodge Ram.
Toyota's reported $100 million marketing push included two Super Bowl ads and a test-drive campaign with 400 events at state fairs and agricultural shows, among other venues.
Toyota also is going after the Hispanic market with custom-made commercials as well as a dedicated Web site and brochure. Its goal is to sell about 20 percent of the new Tundras to Hispanic consumers.
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