Following a slight rebound in the overseas market after a prolonged slump in japan, toyota motor (TM.US) experienced stable sales and production in October.
According to Zhitong Finance APP, boosted by a slight rebound in the overseas market after a prolonged downturn in japan, toyota motor (TM.US) saw steady sales and production in October. Global sales, including subsidiaries daihatsu motor co. and hino motors ltd., increased by 0.4% year-on-year in October to 974,245 units, marking the first growth in three months and setting a historical record for October. Production in October decreased by 1.3% to 1.02 million vehicles.
Due to challenges faced by japan's auto manufacturers in competing in china, the world’s largest auto manufacturer has seen a decline in both sales and production for the year. In the chinese market, domestic brands are flooding the market with battery-powered electric vehicles.
From January to October this year, toyota's domestic sales in japan decreased by more than 20%, and production fell by 13%. So far this year, toyota's sales in north america increased by 5.5%, but this growth was offset by a 9% decline in the chinese market.
Despite poor performance in the japanese and chinese markets, toyota maintained its annual profit forecast of 4.3 trillion yen (28.4 billion USD) unchanged when announcing its second-quarter financial report in early November.
Due to weak demand for new cars, toyota's global auto sales have been hit, while investigations and recalls by domestic and international regulatory agencies have led to a decline in production. The company's sales in japan have decreased this year due to recalls of the prius, and production in china has decreased mainly due to difficulties in keeping up with BYD and other domestic auto manufacturers.