Toyota Motor, the world’s largest automaker, faced a 10th consecutive monthly decline in global production in November 2024, manufacturing 869,230 vehicles—a 6.2% drop compared to November 2023.
This marks a steeper decline than October’s 0.8% decrease. Despite production challenges, Toyota achieved a 1.7% growth in global sales, reaching 920,569 vehicles—a record high for the month of November.
Regional Performance:
- United States: Production fell by 11.8%, though the resumption of Grand Highlander and Lexus TX SUV manufacturing in late October after a four-month pause indicates recovery efforts.
- China: Production dropped by 1.6%, a significant improvement over October’s 9% decline. Higher sales of Granvia and Sienna minivans and the electric bZ3 sedan, developed with BYD, supported this recovery.
- Japan: Production decreased by 9.3%, partly due to a two-day shutdown at the Fujimatsu and Yoshiwara plants.
Amid growing competition from Chinese automakers like BYD, Toyota announced plans to establish an independent plant in Shanghai to manufacture Lexus electric vehicles by 2027.
Year-to-date, Toyota’s global production is down 5.2%, with sales decreasing by 1.2%. However, November’s sales growth in key markets like the U.S. and China highlights strong consumer demand, providing a silver lining amid production setbacks.
Toyota remains focused on recovery and expansion, particularly in the electric vehicle sector, to maintain its global leadership.
