Toyota Motor Global Production Report

TOKYO (Reuters) – Toyota Motor (NYSE:TM) reported a continued decline in global production for the 10th consecutive month in November. However, the company's worldwide sales have increased for the second month in a row, driven by strong demand in the United States and China.

Production Numbers

• In November, Toyota manufactured 869,230 vehicles globally, marking a 6.2% decrease from the same month last year, which is a larger decline compared to October's 0.8% drop.
• U.S. production fell by 11.8%, but there has been a gradual recovery. The production of the Grand Highlander and Lexus TX SUV models resumed in late October after a four-month shutdown.
• Production in China experienced a 1.6% decline; however, this was an improvement over the previous month’s 9% drop. Enhanced local sales of the Granvia and Sienna minivan models, along with the electric sedan bZ3 developed with BYD, contributed to this outcome.
• In response to increasing competition from BYD and other Chinese brands, Toyota is planning to establish an independent plant in Shanghai to manufacture electric vehicles for its Lexus luxury brand starting around 2027.
• In Japan, where approximately a third of Toyota's global output occurs, production fell 9.3% in November, partly due to a two-day production halt at its Fujimatsu and Yoshiwara plants.

Sales Performance

• Despite the production dip, Toyota's worldwide vehicle sales rose by 1.7% to 920,569 vehicles, achieving a record for November.

Year-to-Date Overview

• From January to November, Toyota's global production was 5.2% lower than the previous year, totaling approximately 8.75 million vehicles, while global sales decreased by 1.2%.
• Note that these figures include Toyota's Lexus brand but exclude those of its group companies Hino and Daihatsu.