It held more inventory, since it was ramping up production for China and America, notes Masataka Kunugimoto, an analyst at Nomura, an invesment bank.

野村银行的一名分析师桾本西条雅孝（Masataka Kunugimoto）指出由于丰田过去扩大了在中国和美国的市场，它就持有不少存货清单。

youdao

Citing weaker end demand and ongoing inventory cuts, Goldman Sachs analyst Simona Jankowski this morning chopped her forecast for 2012 mobile phone shipments.

FORBES: Slowdown: Goldman Chops 2012 Mobile Phone Unit Forecast

Nevertheless, "we give them good marks for proactively reducing their inventory beginning last April, " says analyst Sean Jones at Moody's Investors Service.

WSJ: Missing the Bullet

Slack TV demand has led to a inventory buildup that is spurring price cuts to spark sales, said analyst Riddhi Patel at researcher iSuppli Corp.

WSJ: Cellphone Sales Boost Best Buy Profit