Signs of a recovery in the German market are still not emerging and Toyota is the latest company to rule out any significant upturn this year.

Speaking to Handelsblatt, head of Toyota Germany, Alain Uyttenhoven, said that the company is forecasting a car market of between 3.1m and 3.2m.

This forecast is in line with the German vehicle manufacturers trade association, Verband der Automobilindustrie (VDA), which is forecasting a total market of 3.2m new registrations this year, marginally up from 3.15m last year.

A lot depends on how September turns out, said Uyttenhoven. "But at the moment there are no signs of any positive change of direction."

The downturn has affected Toyota's plans for Germany. It had been targeting sales of 200,000 cars in Germany in 2012, but the Toyota executive now thinks this goal may be unrealistic.