Even though its global sales increased for the second consecutive month due to strong demand in China and the United States, Japanese automaker Toyota Motor reported that its global production fell for the tenth consecutive month in November.
In November 2024, the carmaker produced 869,230 vehicles worldwide, a 6.2% decrease from the same month the previous year. This decline was greater than the 0.8% decline in October.
Although production of the Grand Highlander and Lexus TX SUV models resumed in late October following a four-month halt, Toyota’s U.S. output was down 11.8%, indicating a slow recovery.
The company’s China production dropped 1.6%, which was however better than a 9% decline in the previous month, as Toyota saw higher local sales of its Granvia and Sienna minivan models and the electric sedan bZ3 jointly developed with BYD (002594.SZ).
Amid the rise of BYD and other Chinese brands, Toyota has decided to build an independent plant in Shanghai to start manufacturing electric cars for its Lexus luxury brand from around 2027, according to the Nikkei newspaper.
In Japan, which accounts for about a third of Toyota’s global output, production was down 9.3% in November, due in part to a two-day production halt at its Fujimatsu and Yoshiwara plants
Toyota saw its worldwide sales rising for a second straight month, by 1.7% to 920,569 vehicles, setting a new record for the month of November.
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Around 8.75 million Toyota vehicles were produced worldwide between January and November, a 5.2% decrease from the same period the previous year, while global sales fell 1.2%.
Vehicles under the Toyota Lexus brand are included in the production and sales figures, but those from the Hino group companies are not (7205.T).
