Toyota, the world’s largest automaker, saw profits for the quarter ending in September drop to 573.7 billion yen ($3.7 billion), down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year. This stark contrast underscores the impact of a challenging market landscape exacerbated by increasing competition from EV manufacturers within China.
Nissan announced it would cut 9,000 workers amid falling sales, reflecting a significant industry shift. The car manufacturer reported a drop of over 5% in retail sales in China in the first half of the fiscal year, highlighting dire consequences of the competitive pressure in the region.
Honda flagged a decline in sales in China in its most recent quarter, which significantly impacted its total group sales. The landscape in China poses a persistent challenge, as increasing market competition from local electric vehicle companies continues to reshape profit expectations across Japanese automakers.
All three companies face a similar problem; they are failing to sell enough cars in China. Toyota’s sales in China were down just over 10% in the first nine months of the year, impacted by severe market conditions including intensifying price competition.
Collection
[
|
...
]