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Toyota Extends Production Reduction in China

Toyota Extends Production Reduction in China

Toyota Extends Production Reduction in China

Toyota Extends Production Reduction in China

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Toyota’s Milestone and Challenges in China:

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Toyota recently celebrated the production of 300 million vehicles, but the company is facing challenges in China, the world’s largest and most competitive car market.

Extended Production Cuts Amidst Rising Competition:

To alleviate inventory pressure, Toyota has extended its production cuts in China by three months, responding to increased competition from domestic automakers like BYD, Geely, and Tesla.

Industry-Wide Price Reductions and Overcapacity Woes:

The Chinese auto market has seen major brands slash prices due to overcapacity. Honda and Nissan, among others, have also had to cut output, prompting a focus on battery electric vehicle (BEV) production and export plans.

Strategic Measures to Navigate the Market Landscape:

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Toyota implemented production cuts and laid off workers at its main Chinese joint venture to ensure operational sustainability. FAW-Toyota announced an extension of production cuts until February 2024 to tackle the challenging market.

Challenges in the Electric Vehicle Segment:

In China’s rapidly growing electric vehicle (EV) segment, Toyota’s joint venture is facing difficulties. The venture produces the Izoa BEV, RAV4, and Corolla plug-in hybrids, as well as various internal combustion engine (ICE) models. Cumulative sales for the first nine months of the year decreased by 9% compared to the previous year.

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