Open in App
  • Local
  • U.S.
  • Election
  • Politics
  • Crime
  • Sports
  • Lifestyle
  • Education
  • Real Estate
  • Newsletter
  • Reuters

    Toyota global output skids in June, dragged down by Japan and China

    By Reuters,

    17 hours ago
    https://img.particlenews.com/image.php?url=2uxhiL_0uhQreI500

    TOKYO (Reuters) - Toyota's global production tumbled in June, down for a fifth straight month with the automaker hit hard by a certification scandal in its home market and a fierce price war in China.

    Output worldwide for Japan's biggest automaker slid 12.9% to 795,862 vehicles, the sharpest decline since December 2022.

    In its home market, output plunged 18.8% after the transport ministry found irregularities in applications by Toyota and other automakers to certify certain models in a widening of an auto safety scandal.

    In China, where domestic electric vehicle makers like BYD have rapidly gained market share and have aggressively cut prices, production fell 21.7% - marking the fifth month in a row where Toyota's output has declined by 20% or more.

    Production in North America fell 6.2% while in Europe it dropped 6.6% due to fewer production days compared to last year.

    Toyota's worldwide sales fell 5.1% during the month, hurt by declines in Japan and China.

    The automaker is due to report first-quarter financial results on Thursday. It is expected to log a 21% rise in operating profit from a year earlier to 1.35 trillion yen ($8.7 billion), according to an LSEG consensus estimates from six analysts, helped by a weaker yen and robust demand for hybrid vehicles in the United States.

    During the first six months of this year, the automaker's global production fell 5% while worldwide sales dipped 0.9%.

    Both sales and production figures include the luxury Lexus brand.

    ($1 = 154.0800 yen)

    (Reporting by Daniel Leussink and Satoshi Sugiyama; Editing by Edwina Gibbs)

    Expand All
    Comments / 0
    Add a Comment
    YOU MAY ALSO LIKE
    Most Popular newsMost Popular
    Steve B Howard4 days ago

    Comments / 0