According to media reports, data released by the Japan Automobile Manufacturers Association shows that new car sales in Japan reached 405,174 units in July 2024, marking a 7% year-over-year increase. This is the first time since the end of last year that a year-over-year growth has been achieved.
At the end of last year, a subsidiary of Toyota, Daihatsu, was found to have falsified safety test results over the past several decades, leading to a suspension of all production. This also affected sales of other brands such as Toyota, Mazda, and Subaru. In early May, Daihatsu was allowed to fully resume production and began fulfilling its backlog of orders.
The latest data shows that after a 0.4% decline in the fourth quarter of 2023, Japan's economy continued to contract in the first quarter of 2024, with a year-over-year decrease of 2.9%, reflecting weak domestic consumption and exports. The January earthquake on the Noto Peninsula and Daihatsu's production halt also disrupted Japan's economic activities.
From January to July 2024, Japan's cumulative new car sales reached 2,532,664 units, down 10% year-over-year. Among these, passenger car sales in Japan fell by slightly less than 10% to 2,138,780 units, while truck sales dropped by more than 15% to 387,748 units. During this period, sales of medium and large buses and long-distance coaches in Japan grew by 36% year-over-year, reaching 6,136 units.
Meanwhile, Toyota's cumulative sales in Japan fell by 20% to 768,720 units; Daihatsu's sales dropped by 53% to 162,780 units; Mazda's sales declined by 30% to 80,099 units.
In contrast, Suzuki's sales in Japan increased by 13% to 434,488 units; Honda's sales in Japan reached 401,565 units, up 22% year-over-year; Nissan's sales declined by only 1% to 288,630 units.
Earlier this year, Honda began selling its India-made WR-V compact SUV in Japan and recently announced plans to launch a commercial mini electric version of the N-VAN in October, primarily targeting the local parcel delivery market.
