Toyota's hybrid success can't make up for recalls, faulty data and Chinese competition, as September sales slump 7.4% [Fortune]
Toyota Motor Corporation (TM)
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toyota-global.com/investors
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Source: Fortune
Unlike its struggling competitors in Japan, the U.S. and Europe, Toyota looked like it was succeeding in a changing car market, hit by macroeconomic headwinds, new competition from China, and an expensive transition to EVs. Toyota shrugged off investor complaints about its slow transition to battery electric vehicles, and instead made a successful bet on hybrids , more suited to markets like the U.S. But Toyota's success is starting to stall. In September, Toyota's overall sales declined 7.4% year-on-year. Total sales for 2024 thus far are down 1.9% year-on-year to reach 7.4 million vehicles, the company revealed Wednesday. Toyota's sales in Japan, its home market, fell 6.3% year-on-year in September, adding to a 16.9% year-on-year decline for the first nine months of the year. Toyota blamed domestic recalls of its Prius hybrid, as well as suspended production of three of its models: the Yaris Cross, Corolla Axio and Corolla Fielder. The suspensions are tied to revelations earl
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