Toyota Motor Production Falls for Eighth Straight Month

TOKYO (Reuters) – Toyota Motor (NYSE:TM) reported a decline in worldwide production for the eighth consecutive month in September, as both sales and output decreased in its primary markets, the U.S. and China.

The Japanese automaker's global output in September dropped by 8% compared to the same month last year, totaling 826,556 vehicles. In the U.S., production fell by 14%, while in China, it decreased by 19%.

The decline in U.S. output was attributed to a suspension in the production and delivery of the Grand Highlander and Lexus TX SUVs due to an airbag issue. Production of these models resumed on October 21.

In China, Toyota faced increasing pressure from the growing popularity of electric vehicles and plug-in hybrids from local Chinese brands.

The company recorded a 7% drop in global sales in September, totaling 853,149 vehicles. U.S. sales were down 20%, Chinese sales decreased by 9%, and domestic sales slipped by 6%.

For the first nine months of the year, Toyota has sold 7.4 million vehicles, reflecting a 2% year-on-year decline. The production and sales figures also include its luxury Lexus brand.