December 26, 2024 – Despite achieving global sales growth for the second consecutive month driven by strong demand in the United States and China, Toyota Motor Corporation reported a decline in its global production for the tenth straight month in November.
The world’s largest automaker produced a total of 869,230 vehicles globally in November, representing a 6.2% decrease compared to the same period last year. This decline was more pronounced than the 0.8% drop recorded in October.
Specifically, Toyota’s production in the United States fell by 11.8%, indicating a sluggish recovery even after the resumption of production of the Grand Highlander and Lexus TX SUV models in late October following a four-month hiatus.
In the Chinese market, production declined by 1.6%, which was an improvement from the 9% drop in the previous month. This was attributed to increased sales of Toyota’s Granvia and Sienna minivans, as well as the electric sedan bZ3 developed jointly with BYD. Notably, in the face of the rising prominence of BYD and other Chinese brands, Toyota has decided to establish an independent factory in Shanghai to produce electric vehicles for its luxury Lexus brand, starting around 2027, as reported by Nikkei on Monday.
In Japan, which accounts for approximately one-third of Toyota’s global production, output decreased by 9.3%. This decrease was partly due to a two-day halt in production at its Fujimatsu and Yoshiwara plants.
Nevertheless, Toyota’s global sales rose by 1.7% to reach 920,569 vehicles, setting a new record for November.
From January to November of this year, Toyota’s global production stood at approximately 8.75 million vehicles, down 5.2% from the same period last year, while global sales decreased by 1.2%.
It is important to note that the aforementioned production and sales figures include vehicles from Toyota’s Lexus brand but exclude data from group companies such as Hino and Daihatsu.
