Toyota announced on Tuesday that its global vehicle sales and production declined for the second consecutive month in August, with ongoing drops in China, the US, and the Middle East continuing to weigh on results after similar declines in the previous month.
According to data released Tuesday, the world’s largest automaker experienced a 6.4% decline in global sales from the previous year, totaling 790,743 vehicles, while production decreased by 5.9% to 700,860 vehicles.
China experienced a 22.8% decline, leading to a seventh straight month of decreased sales, as rising petrol prices suppressed demand for hybrid and traditional combustion-engine vehicles.
Sales in the US, Toyota’s leading market, declined by 4.4%, while sales in the Middle East plummeted 37.5%, balancing out a 9.1% increase in Japan.
Toyota’s sales rose 2.6% in Europe.
Production decreased by 11.3% in China and 6.6% in the US. Japan’s output declined by 1.7%, partly because of production suspensions after the earthquake on Kyushu, an island in the south.
The news comes as Toyota and its peers contend with a shrinking market in China, where consumers are shying away from expensive purchases and choosing cheaper EV options.
Toyota’s figures also include its luxury Lexus brand models.
By CEO NA Editorial Staff
