On November 28, Toyota Motor Corporation announced that its global production fell again in October, marking the ninth consecutive month of decline, due to significant drops in production in the U.S. and Chinese markets. However, the year-on-year decline was relatively modest. Meanwhile, Toyota's global sales reversed a five-month downward trend and returned to growth.
Specifically, in October 2023, Toyota's global production (excluding subsidiaries Daihatsu and Hino but including the Lexus luxury brand) decreased slightly by 0.8% year-on-year to 893,164 units, an improvement from the 8.3% decline recorded in September. Global sales increased slightly by 1.4% year-on-year to 903,103 units.
Regional Breakdown:
United States:
In the U.S. market (including Hawaii), production was impacted by a halt in the production and delivery of the Toyota Grand Highlander SUV and Lexus TX SUV due to airbag issues. As a result, U.S. production declined by 12.8% year-on-year to 108,624 units. Toyota stated that production of these models resumed on October 21. However, U.S. sales in October fell 5% year-on-year to 185,916 units.
China (Mainland, Hong Kong, Macau):
In October, Toyota's production in China dropped 8.7% year-on-year to 141,852 units due to intense competition with domestic electric vehicle brands. Sales in the region also fell slightly by 0.4% year-on-year to 172,274 units.
Japan:
Over the first ten months of 2023, Toyota's sales in Japan declined by 14.6% year-on-year to 1,210,881 units, attributed to weak new car demand, regulatory investigations, and a domestic recall of the Prius hybrid. However, in October, sales in Japan rose 7.1% year-on-year to 143,548 units due to delayed new car registrations caused by typhoon impacts in late August.
Toyota's production in Japan in October increased by 8.3% year-on-year to 306,059 units, accounting for about one-third of its global production, indicating a gradual recovery. However, production for the first ten months of the year was still down 7.1% year-on-year to 2,587,188 units.
Thailand:
In Thailand, production in October declined by 12.8% year-on-year to 43,027 units due to weak demand, while sales fell sharply by 27.3% year-on-year to 15,162 units.
Including Subsidiaries:
When factoring in subsidiaries Daihatsu and Hino, Toyota Group's global production in October decreased by 1.3% year-on-year to 1,021,799 units. Meanwhile, global sales increased slightly by 0.4% year-on-year to 974,245 units.
