Toyota car sales fall for seventh straight month in Aug on China weakness

Toyota's global vehicle sales declined for an eighth consecutive month in August, primarily due to weaker demand in China, the company reported on Tuesday. Toyota, encompassing its Lexus brand, sold 823,618 vehicles worldwide during the month, marking a 7.5% decrease compared to the same period a year ago. Overseas sales dropped by 8.9% to 697,870 vehicles, while domestic sales increased slightly by 0.2% to 134,748 vehicles.

China's sales plummeted by 22.8% to 118,449 vehicles, continuing a long-term decline in the world's largest auto market. Toyota attributed the sluggish performance of gasoline-powered vehicles, including hybrids, to higher gasoline prices. In India, sales fell by nearly 8%, largely due to a temporary reduction in volumes linked to the introduction of a new sales system.

Sales in the Philippines also dropped by 14.3%. For the first eight months of 2023, Toyota's global sales amounted to 6.66 million vehicles, a 3.6% decline compared to the same period in 2022.