Toyota’s Global Production Slumps for 10th Consecutive Month
Despite a promising uptick in worldwide sales, Toyota Motor’s global production took a hit for the 10th month in a row in November. The Japanese automaker’s output fell 6.2% to 869,230 vehicles, a steeper decline than the 0.8% dip seen in October.
US and China Markets Show Resilience
While Toyota’s US production was down 11.8%, the resumption of Grand Highlander and Lexus TX SUV production in late October brought some relief. In China, production dropped 1.6%, but this was an improvement from the 9% decline in the previous month. Strong local sales of the Granvia and Sienna minivan models, as well as the electric sedan bZ3, jointly developed with BYD, contributed to this uptick.
Electrification Efforts Gain Momentum
As BYD and other Chinese brands continue to rise, Toyota is shifting gears to stay ahead. The company plans to build an independent plant in Shanghai, set to start manufacturing electric cars for its Lexus luxury brand around 2027, according to the Nikkei newspaper.
Japan Production Takes a Hit
In Japan, which accounts for roughly a third of Toyota’s global output, production plummeted 9.3% in November. A two-day production halt at the Fujimatsu and Yoshiwara plants contributed to this decline.
Sales Figures Buck the Trend
Despite the production slump, Toyota’s worldwide sales rose for the second consecutive month, reaching a record 920,569 vehicles in November. This 1.7% increase is a welcome respite from the 1.2% decline seen in the January-to-November period.
Year-to-Date Performance
Toyota’s global output for the first 11 months of the year stood at around 8.75 million vehicles, a 5.2% decrease from the same period last year. However, the company’s sales figures remain resilient, with a mere 1.2% decline over the same period. These numbers include vehicles from Toyota’s Lexus brand but exclude those from group companies Hino and Daihatsu.
Leave a Reply