Toyota reports global sales and production declines in August

Toyota Motor reported a decline in both global sales and vehicle production for the second consecutive month in August. Global sales fell by 6.4% year-on-year to 790,743 vehicles, while production decreased by 5.9% to 700,860 units.

A significant driver of this decline was the Chinese market, where sales dropped by 22.8% for the seventh straight month. This downturn is attributed to high gasoline prices affecting demand for both hybrid and traditional internal combustion engine vehicles. Production in China also fell by 11.3%.

Other regional performance metrics include a 4.4% decrease in sales in the United States and a 37.5% drop in the Middle East. These losses were partially offset by a 9.1% increase in sales in Japan, supported by strong demand for new models such as the RAV4, bZ4X, and Land Cruiser FJ. However, Japanese production saw a slight 1.7% decrease, partly due to production halts following an earthquake on Kyushu island.