Toyota Executive Says Discounts Are Higher Than They Have Ever Experienced Before

The U.S. auto market has peaked and will shrink this year, with manufacturers using unprecedented incentives to support passenger cars through slumping demand, a Toyota Motor Corp. executive said.

Industrywide deliveries may decline to as low as 17 million vehicles from last year’s record of about 17.5 million, according to Bob Carter, president of Toyota’s U.S. sales unit. A rapid shift in demand toward crossovers and SUVs at the expense of sedans is the main factor driving automakers’ heavy discounts, he said.