On Thursday, Toyota Motor’s global sales fell by 7.00% year-on-year due to a sharp drop in China during the Lunar New Year and a decline in Japan following a safety test scandal.
The Japan-based automaker stock dipped by 0.62% to $252.15 apiece in the closed trading session. However, the firm recovered from losses in the after-hours, climbing by 0.77% to $254.09 per stock.
The drop in domestic sales was attributed to production halts at Daihatsu, a manufacturer of some Toyota brand cars, and reputational damage from the scandal, despite Daihatsu brand vehicles not being included in Toyota’s global sales tally.
According to data, in China, the largest auto market globally, sales plummeted by 36.00%. This decline was attributed to the timing of the week-long Lunar New Year holiday, occurring in February this year instead of January.
Toyota noted that its sales declined in China due to intense competition within the country’s auto market, which is currently experiencing a cut-throat price war.
According to reports, when considering the combined sales of January and February, the decline in China was relatively moderate at 0.70%. However, this was still lower than the 6.40% increase in passenger vehicle sales across the sector.
In February, Toyota experienced a 16.00% surge in U.S. sales and a 14.00% increase in Europe, but sales in Japan declined by a third. The carmaker firm’s sales in Indonesia and Thailand also saw double-digit slides.
The Toyota Hilux electric (e)-pickup truck is set to rival the upcoming Isuzu D-Max e-Pickup upon its launch by the end of next year.
Toyota plans to begin mass production of the electric Hilux pickup truck by the end of 2025, as stated by the president of its Thailand unit at the 2024 Bangkok International Motor Show.
This announcement closely follows developments from Isuzu in the battery electric vehicle (BEV) sector.
Meanwhile, Isuzu Motors has revealed intentions to manufacture its battery-powered D-MAX pickup truck in Thailand by 2025. Thailand, a significant automotive manufacturing hub, produces pickup trucks for domestic and international markets.
Moreover, the Japanese-based Toyota rival firm aims to capitalize on the pickup trend by introducing a modern electric vehicle (EV).
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