Toyota Motor scores 20.1% YoY jump in Oct. China sales

In the tenth month of 2022, among the three major Japanese automakers in China, both Honda Motor and Nissan Motor were confronted with a worsening year-over-year downturn in monthly sales in the country, while Toyota Motor maintained its prominent sales performance as usual. 

In October, the month that was usually considered a sales peak season in the world’s largest auto market, Toyota Motor sustained its turnaround in year-to-date sales in China, with a 4.8% year-on-year increase, while both Honda Motor and Nissan Motor failed to reverse the downward movement in their year-to-date sales volume. 

In October, Toyota Motor sold roughly 170,500 vehicles in China, representing a 20.1% jump year-over-year. By the end of last month, the auto giant has been recording a positive year-on-year growth in China sales for five consecutive months. 

Aside from the continuous stimulus contributed by China’s governmental tax cut policy, Toyota Motor’s sales growth was also driven by the popularity of its Levin sedan and several SUV models in the local market. Its imported luxury car brand, Lexus, which had seen better times in the local auto market, posted a 31.5% year-on-year jump in its October sales. 

In the past month, Honda Motor faced a widened year-on-year decline of 28.5% in its monthly sales with 106,101 vehicles sold in China, versus the 16.8% year-on-year decline in September. However, the sales volume in October actually climbed up 4.98% from the previous month.

As for the sales of the two joint ventures, GAC Honda saw its Oct. sales slide 28.2% over a year ago to 55,804 units, while Dongfeng Honda also posted a two-digit year-on-year drop of 28.8% by selling 50,297 vehicles last month. According to the Japanese media outlet Kyodo, the company’s dealerships and logistics network all took a hit in October, as part of the reasons for Honda Motor’s sales decline in China. 

Notably, in an effort to strengthen its competitiveness in the country, Honda brand orchestrated the world premiere of the e:N2 Concept, the concept model of the second mass-production vehicle in the e:N lineup, at the 5th China International Import Expo (CIIE).

Same as Honda Motor, Nissan Motor also encountered a year-on-year drop in its China monthly sales in October. 

In the tenth month of 2022, Nissan Motor sold 88,868 vehicles in China, indicating a 11.5% decrease year over year. For the first ten months of the year, the automaker’s cumulative sales volume amounted to 926,732 vehicles in the country, slipping down 17.3% from a year ago.

However, the overall decline does not apply to the company’s passenger vehicle sector. To be specific, the Nissan brand sold 75,226 vehicles last month, which rose 7% from a year ago. In the meantime, with 10,418 vehicles sold, the Venucia brand as well saw a 4% increase from the previous year.