Toyota has been experiencing challenges in the Chinese automotive market, mirroring the struggles of other foreign automakers. With demand for homegrown brands like BYD and Nio rising, Toyota's sales have declined, particularly a 7% decrease in 2024. To revive its fortunes, Toyota is advancing its strategy by establishing Lexus (Shanghai) New Energy, focusing on electric vehicles and battery production, with an anticipated launch in 2027. While the Lexus brand saw slight growth in sales, pricing strategies suggest competitive pressures remain significant in the market.
Toyota is facing stiff competition from homegrown Chinese automakers and plans to establish a new Lexus EV and battery plant in Shanghai to bolster its presence.
Despite challenges, Toyota's Lexus brand has shown some resilience, selling about 180,000 units in China, indicating a cautious optimism amid declining overall sales.
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