Toyota global output skids in June, dragged down by Japan and China
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 per cent to 795,862 vehicles, the sharpest decline since December 2022.
In its home market, output plunged 18.8 per cent 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 per cent - marking the fifth month in a row where Toyota’s output has declined by 20 per cent or more.
Production in North America fell 6.2 per cent while in Europe it dropped 6.6 per cent due to fewer production days compared to last year.
Toyota’s worldwide sales fell 5.1 per cent during the month, hurt by declines in Japan and China.
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The automaker is due to report first-quarter financial results on Thursday. It is expected to log a 21 per cent rise in operating profit from a year earlier to 1.35 trillion yen (S$11.7 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 per cent while worldwide sales dipped 0.9 per cent.
Both sales and production figures include the luxury Lexus brand. REUTERS
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