Toyota's global sales and production dropped in April due to challenges from electric vehicle shift

From Investing.com: 2024-05-31 00:22:00

Toyota Motor’s global sales and production dropped in April due to a price war in China and production stoppages in Japan. Global sales fell 0.5%, driven by a 27% decrease in China and a 14% decline in Japan. The automaker faced challenges from the shift to electric vehicles and fallout from a safety test scandal.

Toyota reported a 4.0% decrease in global production, with lower output in China, Japan, Thailand, and Mexico. Despite this, sales of gasoline-electric hybrids remained strong, making up nearly 40% of vehicles sold. Electric vehicles accounted for only 2% of sales. Sales figures include the Lexus luxury brand, while Daihatsu sales plunged 54% in April.



Read more at Investing.com: Toyota’s global volumes fall in April, led by drops in China and Japan By Reuters