Japanese automaker Toyota Motor TM said on Thursday that it sold 826,863 Toyota and Lexus brand vehicles worldwide in August, marking a drop of 3.1% from August 2023.
What Happened: The dip in global sales was spurred by a sales decline in Japan and China.
The company’s sales in Japan dipped by 9% year on year to 109,505 units after the company suspended production of three models including the Yaris Cross. In China, sales dipped 13.5% owing to “severe market conditions” such as the intensifying price competition, the company said.
In the U.S., however, sales increased by 1.9% from last year to 198,401 units due to the strong sales of the new Camry. That said, production within the U.S. fell by 14.5% due to the product suspension caused by the recall of the Lexus TX and Toyota Grand Highlander in June, the company said.
Production worldwide fell 11.2% to 709,571 units.
Toyota’s EV Sales: Toyota sold 371,727 electrified Toyota and Lexus vehicles globally in August, marking a jump of about 23% from Aug. 2023. Electrified vehicles refer to hybrids, plug-in hybrids, battery electric vehicles, mild hybrids, and fuel-cell electric vehicles.
Pure electric vehicles or BEVs accounted for just 3.4% of Toyota’s overall electrified vehicle sales last month.
Toyota has been the world’s top-selling automaker for several years now. Last year, the company sold 11.2 million vehicles to retain the position, beating German automaker Volkswagen which sold just 9.2 million cars.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More:
Photo courtesy: Toyota
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
