Toyota China sales fall 23% in August as EV shift deepens market downturn

  • Toyota reported a 23% August China sales decline, extending the downturn to seven consecutive months.
  • Toyota sold 927,866 China vehicles through August, down nearly 19% year on year.
  • GAC agreed to acquire 50% of FAW Toyota as Toyota shifts toward China-for-China operations.

Toyota Motor’s China sales fell 23% in August, extending a seven-month decline as higher fuel prices weakened demand for petrol and hybrid vehicles and consumers shifted toward electric cars. The automaker sold 927,866 vehicles in China during the first eight months of the year, nearly 19% fewer than a year earlier, marking its most severe downturn in the market in at least a decade. Battery-electric vehicle sales in China rose 36% in August, while overall vehicle sales in the country fell 21.8% this year to 13.4 million units. Toyota is moving toward a China-for-China model using more Chinese parts and technology suppliers. Its local joint-venture partner GAC agreed to acquire a 50% stake in FAW Toyota, Toyota’s other joint venture in China. The China decline contributed to a 3.6% drop in Toyota’s global year-to-date sales to 6.6 million vehicles, while Toyota shares have fallen 15% this year as the stronger yen and Chinese weakness weighed on earnings prospects. The downturn has also affected Volkswagen, BMW, Mercedes-Benz and Honda. Separately, Toyota’s reported August global sales figures remain inconsistent: a Sept. 29 update cited 790,743 vehicles, later revised in an existing company update to 823,618.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.