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According to Reuters, the latest data reveals that Toyota Motor Corporation’s global production volume has declined for the tenth consecutive month, despite experiencing sales growth for two straight months due to robust demand in the US and China.
In November, Toyota reported a global production volume of 869,230 vehicles, a 6.2% decrease compared to the same month last year. This follows a 0.8% year-on-year decline in October 2023.
Specifically, in the US, Toyota’s production volume decreased by 11.8%, despite resuming the production of the Toyota Grand Highlander and Lexus TX after a four-month halt.
In China, the Japanese automaker’s production volume dipped by 1.6%, but Reuters notes that this is still an improvement from the 9% decline witnessed in the previous month.
The relatively strong sales performance of the Toyota Granvia and Sienna minivans, as well as the bZ3 electric sedan developed with BYD, contributed to the stabilization of Toyota’s production activities in the country.
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As BYD and other Chinese automakers gain traction, Toyota has decided to construct an independent factory in Shanghai to commence production of electric Lexus vehicles from around 2027, according to Nikkei Asia.
Japan currently accounts for approximately one-third of Toyota’s global production volume. In November, production in Japan decreased by 9.3%, partly due to a two-day suspension at the Fujimatsu and Yoshiwara plants.
On a global scale, Toyota witnessed sales growth for the second consecutive month, selling 920,569 vehicles, representing a 1.7% increase.
After eleven months, Toyota’s global production volume stood at 8.75 million vehicles, a 5.2% decline compared to the same period last year, while total sales in all markets worldwide also dipped by 1.2%.
It is important to note that the production and sales figures mentioned above only include the Toyota and Lexus brands and exclude the Hino and Daihatsu brands.
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