Toyota’s global sales fell 7.2% in May 2024, driven by weak Chinese demand and higher fuel prices. Read the full analysis now.
Toyota Motor Corp. reported a 7.2% decline in global vehicle sales for May 2024, marking the fourth straight month of contraction. The slowdown is largely tied to a sharp pull‑back in China and rising fuel prices worldwide.
Overall performance
In May, Toyota shipped 834,279 vehicles globally, down from the same month a year earlier. Production fell 5.5% to 765,470 units, the first dip in three months for the world’s largest automaker.
Regional breakdown
- China: Sales plunged 31.7% to 102,299 cars as the market remains under pressure.
- United States: Slight decline of 0.6%, ending the month with 238,800 units—almost flat despite strong hybrid demand.
- Middle East: Export volume collapsed 65.9% to just 7,323 vehicles, and overall sales dropped 38.6% to 29,568 units.
- Japan: Sales rebounded 11.1% to 118,381 vehicles, buoyed by the popular RAV4 SUV and the new bZ4X electric model.
- India: Growth surged 15.3% to 30,227 cars, helped by recent tax cuts on automobiles.
Production insights
Overseas production slipped 9.4% to 514,882 units, reflecting reduced operating days in North America and Europe. In China, output fell 23% to 98,536 vehicles. Conversely, domestic (Japanese) production rose 3.7% to 250,588 units—the first increase after seven months, driven by the launch of new models.
How Toyota compares with peers
The combined May sales of Japan’s eight biggest automakers (including Toyota) fell 2.6% to 1,966,434 vehicles. Within the group:
- Honda: Down 4.9% to 283,623 units, also hit by weak Chinese demand.
- Nissan: Declined 10.3% to 229,870 units.
- Suzuki: Defied the trend, jumping 23.2% to 307,918 units, thanks to strong sales in India and other emerging markets.
Total global production for the eight manufacturers reached 1,903,550 vehicles, a 3.7% drop, while domestic output slipped slightly 0.9% to 598,817 units.
What’s next for Toyota?
Analysts suggest the company will lean on its expanding electric‑vehicle lineup and continue to optimise pricing in markets where fuel costs are eroding demand. The Chinese market remains a critical variable, and any policy shift could quickly alter the sales trajectory.
Stay tuned for further updates on Toyota’s strategy and the broader automotive landscape.