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Toyota Motor’s Sales Results in China in YTD August 2023

Toyota Motor’s passenger vehicle sales in China from January to August 2023 decreased by 7.3% year-on-year to 1.19 million units, and its market share dropped by 1.1 percentage points to 8.9%. Compared to Honda and Nissan, each down nearly 25.0%, Toyota’s decline was significantly smaller. This was because of new models such as the Corolla Cross and its sister model the Frontlander, both launched in January 2022, and the Granvia released in December 2022. In addition, increased sales of electric vehicles also expanded results.

Toyota Motor is expanding electric vehicle (xEV = HEV / BEV / PHEV / FCEV) sales. Toyota's sales ratio of xEVs increased by 3.4 percentage points to 33.9%. Of which, HEVs accounted for 31.5%, up 1.8 percentage points, and BEVs for 2.2%, up of 2.1 percentage points. In the BEV segment, the bZ series has been expanding. Following the first C-SUV in the series, the bZ4X, launched in October 2022, the D-segment sedan bZ3 was launched in April 2023. At the Shanghai Motor Show in April 2023, Toyota announced the crossover-type bZ Sport Crossover concept which was co-developed with BYD, and the family-oriented SUV-type bZ FlexSpce. Both models are scheduled to be released in 2024.

Graph: Toyota Motor: Sales Volume of Passenger Vehicles and Market Share (2018-2022, YTD Aug. 2022 / 2023)Graph: Toyota Motor: Sales Composition of Passenger Vehicles (YTD Aug. 2023)
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