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Toyota’s Global Production and Sales Decline in September 2024
Toyota Motor Corporation reported an ongoing decline in global production and sales for September 2024, marking the eighth consecutive month of decreased output. The automaker’s total production fell by 8% year-on-year, reaching 826,556 vehicles. Notably, production in the United States dropped by 14%, while output in China declined by 19%.
The downturn in U.S. production was influenced by a temporary halt in manufacturing and delivery of the Grand Highlander and Lexus TX sport utility vehicles due to an airbag safety issue. Fortunately, production of these models resumed on October 21.
In China, the largest automotive market globally, Toyota faced intensified competition from local brands specializing in electric vehicles (EVs) and plug-in hybrids. This shift towards electrification has put significant pressure on traditional automakers like Toyota.
Additionally, Toyota’s global sales for September decreased by 7%, totaling 853,149 vehicles. The decline was even steeper in the U.S., where sales fell by 20%, while sales in China dropped by 9% and domestic sales in Japan decreased by 6%.
For the first nine months of 2024, Toyota has sold 7.4 million vehicles, reflecting a 2% decrease compared to the same period last year. These production and sales figures include vehicles from Toyota's luxury brand, Lexus.
