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Toyota posts sales drop in November as China cuts EV subsidies

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Toyota and Lexus brand sales in China fell 12% due to the end of trade-in subsidies in major cities, as funds ran dry.

TOKYO: Toyota Motor Corp’s sales and production fell in November, weighed down in large part by a sharp drop in China as the country discontinues subsidies meant to boost the sales of electric and fuel-efficient cars.

Global sales – including at subsidiaries Daihatsu Motor Co and Hino Motors Ltd – fell 1.9% in the period from a year earlier to 965,919 units, the Japanese carmaker said Thursday.

Production shrank 3.4% to 934,001 vehicles.

Tags:Asiaautoautomakerchipmakerelectric vehiclesEUEVHonda MotorNissansales


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