Toyota announced that its global production in October rose for the fifth consecutive month, fueled by strong demand for hybrid vehicles in the U.S., which offset weaker sales in Japan and China. The overall global production increased by 4% to 926,987 vehicles compared to the previous year, while global sales grew by 2% to 922,087 vehicles, marking the tenth consecutive month of growth.
In the U.S., Toyota’s primary market, production surged by 26% over the month, achieving its fifth consecutive double-digit growth, as demand for hybrid vehicles remained high and production volumes rebounded following the previous year’s halt of two models’ production. Production in Japan increased by 7%, but sales declined by 4%. Toyota did not disclose the reason for the downturn. In China, production decreased by 6%, and sales fell by 7% due to the end of subsidy programs in some regions.
Over the first ten months of the year, Toyota sold 8.7 million vehicles, with 42% being hybrids and slightly less than 2% being electric vehicles. This includes cars from its luxury brand Lexus. Notably, Toyota’s commitment to hybrid technology aligns with a strategic focus to balance electric development with hybrid advancements, amidst evolving global emission regulations. As Toyota continues to expand its lineup, it remains competitively positioned against rivals like Ford and Hyundai, which are also heavily investing in hybrid and electric technologies.
