Japan's eight major automakers see a 2.3% decline in global sales during the first half of the year, with weak performance in the Chinese market being the primary factor.

Korean Media: Sales of Japan's Eight Major Automakers Decline by 2.3% in the First Half of the Year Amid Weakness in the Chinese Market!

On September 2, South Korean media outlet Today's Finance published an article stating that despite Toyota Motor Corporation maintaining its position as the world's best-selling automaker for seven consecutive years, the overall downturn in Japan's automotive industry continues.

Total global sales for Japan's eight major automakers reached 11.92 million units in the first half of this year, a 2.3% decline compared to the same period last year.

Among them, six automakers including Toyota, Honda, and Nissan experienced declining sales due to weak performance in the Chinese market and other factors, while only Suzuki and Daihatsu, a subsidiary of the Toyota Group, saw increases in sales.

Toyota Motor is the world's largest automaker, with global sales reaching 5.39 million units—down 2.8% from the previous year—but it has maintained its top global position for seven consecutive years.

This marks the first time in two years that Toyota’s sales have shown a downward trend, primarily driven by a drop of over 30% in China compared to the same period last year, amid intensifying competition in the electric vehicle market.

In 2020, Toyota, Honda, Nissan, and Mazda collectively sold more than 5 million vehicles in China, but last year their combined sales plummeted to 3.15 million units—a 40% decrease.

In the first half of this year, these four companies sold 1.17 million vehicles in China. If current trends continue, total annual sales could decline further compared to last year.

The Asahi Shimbun reported that due to the ongoing downturn in the auto industry, Japanese auto parts manufacturers are increasingly taking measures to scale back operations.

A survey conducted last year by the Japan External Trade Organization (JETRO) on Japanese auto parts manufacturers operating in China found that 25.4% of companies plan to reduce their business scale within the next one to two years—an figure nearly double the 12.6% average across all manufacturing sectors.

Original Article: toutiao.com/article/1875208442638412/

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