Toyota's Production Falls 0.8% in Oct, Sales Rise 1.4% YoY

Toyota Motor Corporation reported a 0.8% decrease in global production for October 2024, marking its ninth consecutive month of production declines. However, the company reached a new milestone in global sales, which rose by 1.4% year-over-year, totaling 903,103 vehicles.

Toyota's production for October amounted to 893,164 vehicles, a slight drop from the previous month’s 8% decline. Despite the reduced production, global sales for October surpassed expectations, setting a record for the month at 903,103 units.

Regional Production Performance

• United States: In the United States, production fell by 13%, mainly due to a four-month suspension in the production of the Grand Highlander and Lexus TX SUVs, affected by an airbag issue. Production for these models resumed on October 21, with Toyota expecting a return to full production by January 2025.

• China: Output in China decreased by 9%, impacted by continued competitive pressures from domestic automotive brands.

• Thailand: Production in Thailand dropped by 13%, driven by weaker market demand.

• Japan: In Japan, production rose by 8%, recovering from last year’s decline caused by a supplier accident that led to partial production halts.

• Canada and Mexico: Both Canada and Mexico saw production growth, with output increasing by 2% in each country.

The production and sales figures reported exclude output from Toyota’s group companies, Hino Motors and Daihatsu, as well as other affiliated manufacturers, according to Reuters.