By Toyota Motor Corporation recorded its seventh consecutive monthly decline in global sales in August, as weak demand and intensifying competition from local electric vehicle makers eroded its position in China.
The worldwide deliveries of the Japanese automaker fell 7.5 percent from the same month last year. China, the largest car market in the world, accounted for much of the drop. Combined sales of the Toyota and Lexus brands there declined 23 percent year on year.
The company said softer demand for petrol and hybrid vehicles, which make up the bulk of its lineup, weighed on its performance in the market.
Chinese manufacturers of electric vehicles are releasing new models at a fast pace, and domestic buyers are increasingly choosing local brands. The shift has left established foreign carmakers facing tougher competition, and Toyota and other legacy automakers are now reviewing their strategies in the country.
The latest figures come as electric vehicle demand, price competition and the overseas expansion of Chinese producers continue to reshape the global auto industry and pressure traditional manufacturers.
https://www.techjuice.pk/toyota-sales-slide-for-seventh-month-as-chinese-ev-makers-tighten-grip/
