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The Chinese market -the world’s largest – maintained a strong pace in September 2023 with Light Vehicle (LV) wholesales increasing by 8% year-on-year (YoY) to 2.8 million units, according to data just relabeled by the respected consultancy GlobalData*. Passenger Vehicle (PV) sales (wholesales) increased by 7% YoY to 2.5 million units in the month. The Light Commercial Vehicle (LCV ) sector grew rapidly by 20% YoY, with sales of 0.3 million units. On a month-on-month (MoM) basis, PV sales increased by 9%, while LCV demand was boosted by 20% in September.
“We expect sales to remain strong in the coming years. This month we have again increased our full-year 2023 forecast, this time by 300,000 units, bringing the full-year forecast to 28.9 million units, a year- on-year increase of 8%. However, it should be noted that near-term downside risks exist, mainly from the liquidity crisis in the real estate sector – said to directly and indirectly account for 25% of GDP- declining exports, and high youth unemployment,” said the GlobalData Asia-Pacific Forecast Team. Continue reading
Toyota Posts FY2024 Q2 Net Income of $18.4 Billion
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Toyota Motor Corporation (TMC)* said today that net income2 increased from 1.171 trillion yen ($8.7 billion)** to 2.589 trillion yen ($18.4 billion) for the Japanese FY2024 Q2 (April – September 2023) on consolidated vehicle sales of ~4,744,000, an increase of ~585,000 compared to the same period last fiscal year.
“We are grateful for the support of many stakeholders, from production to logistics, sales, and services, including suppliers. As a result of selling each car meticulously at prices that match the product appeal refined through Toyota’s ‘making ever-better cars’ initiative, operating income increased from the same period of the previous fiscal year,” Toyota said. Continue reading →