Toyota Faces Decline in Sales and Production
Globally, Toyota’s sales — which include its subsidiaries Daihatsu and Hino — fell by 1.9% in November compared with the previous year, reaching 965,919 units, the company announced on Thursday.
Production also decreased, declining 3.4% year-on-year to 934,001 vehicles during the same month.
In China, sales of the Toyota and Lexus brands fell by 12% in November, as the company attributed the drop to the cessation of trade-in subsidies in major cities caused by insufficient funding.
The decline comes amid ongoing diplomatic tensions between China and Japan, which intensified in November after Prime Minister Sanae Takaichi made remarks about Taiwan that angered China, the region’s largest economy. Following this, China advised its citizens against visiting Japan.
While Toyota’s output increased by 15% in Thailand and 9% in the United States last month, it suffered declines of 14% in China, 9.7% in Japan, and 7.9% in the United Kingdom.
Meanwhile, the European Union recently moved to lift what was effectively a ban on combustion engines, giving traditional car manufacturers greater freedom to expand production of battery-powered vehicles. This policy shift could present an opportunity for Chinese electric vehicles (EVs), even though Toyota and other Japanese companies, credited with pioneering gas-electric hybrid technology, already maintain a lead over older manufacturers still dependent on gasoline-powered cars.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
