Toyota's Global Production Declined Again in September

Toyota Motor reported that its global production fell for the eighth consecutive month in September due to declining sales and production in its two largest markets, the United States and China. The Japanese automaker's global output in September decreased by 8% compared to the same month last year, totaling 826,556 vehicles, while production in the U.S. dropped by 14% and in China by 19%. U.S. production was affected by the suspension of production and deliveries of the Grand Highlander and Lexus TX SUV models due to an airbag issue. Toyota announced that it resumed production of the suspended models on October 21. As the world’s largest automaker, Toyota continues to face intense pressure from the shift towards electric and plug-in hybrid vehicles sold by Chinese brands in China. The company reported a 7% drop in global sales in September, which fell to 853,149 vehicles, with U.S. sales down 20%, sales in China down 9%, and domestic sales down 6%. In the first nine months of the year, Toyota sold 7.4 million vehicles, representing a 2% year-on-year decline.