Japanese automakers, including the world’s largest by sales, are still struggling to compete in the fiercely competitive Chinese market.
Toyota Motor Corp. on Thursday report Global sales in April fell 0.5%, while sales in China fell 27% and sales in Japan fell 14%. Toyota’s slump in domestic sales was due to a drop in the Japanese market. suffer from decline The widespread scandal began in December Daihatsu Motor Co., Ltd..
Toyota’s sales in China, the world’s largest auto market, fell more than 9% between January and April compared with the same period in 2023.
Toyota said the decline came despite a series of promotional events in markets including Hong Kong and Macau. The company blamed the performance mainly on “challenging market conditions” including “intensified price competition.”
China’s automakers have been locked in a months-long price war as domestic automakers launch a wave of cheaper models, slashing prices of popular products including electric vehicles. BYD, for example, is selling some cars for as little as $10,000.
Some Chinese automakers Developing a car with rivals in mindXiaomi, Chery and Li Auto are all selling and pricing their latest models to compete directly with Tesla’s Model 3 and Model Y EVs.
Japanese automakers are also facing huge market pressure to build new fully electric and plug-in hybrid vehicles. Many, including Toyota, are Slow approach to electrification and Relying on proven hybrid vehicles.
Electric vehicles made up just 2% of Toyota’s sales last month, while gasoline-electric hybrids made up nearly 40%. But sales of electrified vehicles, which include both hybrids and electric vehicles, rose 28% last month.
Subaru, in which Toyota has a minority stake, said its global exports fell about 27% to 31,871 vehicles. Domestic sales fell 16%.
Nissan said on Thursday that its sales in China Decreased by 10% or more Global sales fell nearly 6 percent to 55,921 vehicles in April. Despite strong growth in the Mexican market, domestic sales fell 14.8 percent from a year ago. Automakers said last month reported a 92% increase The company expects its profits to rise 1.5% year-on-year to 300 billion yen in fiscal 2023, supported by strong sales in all markets except China.
Honda is EV-based partnership Nissan and both companies Consider cutting production in China Honda Motor Co. said Thursday that its global exports rose more than 100% in April. Publish sales data by countryHowever, it reported that exports to Asia as a whole increased by 99%.
Mazda breaks from the trend Reported a 19% increase Strong sales in the Chinese market offset the strong performance, with Mazda’s domestic sales falling 31% in April. Global sales increased 1.4%.
