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Toyota global output skids in June, dragged down by Japan and China
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Toyota global output skids in June, dragged down by Japan and China
Jul 29, 2024 10:06 PM

TOKYO, July 30 (Reuters) - Toyota's ( TM ) 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% to

795,862 vehicles, the sharpest decline since December 2022.

In its home market, output plunged 18.8% after the transport

ministry found irregularities in applications by Toyota ( TM ) 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% - marking the

fifth month in a row where Toyota's ( TM ) output has declined by 20%

or more.

Production in North America fell 6.2% while in Europe it

dropped 6.6% due to fewer production days compared to last year.

Toyota's ( TM ) worldwide sales fell 5.1% during the month, hurt by

declines in Japan and China.

The automaker is due to report first-quarter financial

results on Thursday. It is expected to log a 21% rise in

operating profit from a year earlier to 1.35 trillion yen ($8.7

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% while worldwide sales dipped 0.9%.

Both sales and production figures include the luxury Lexus

brand.

($1 = 154.0800 yen)

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