Toyota Motor Corp is doubling down on China’s growing automotive market with ambitious production goals, aiming to produce at least 2.5 million vehicles annually by 2030. Meanwhile, the company is taking a more measured approach to electric vehicle adoption in the United States, criticizing policies that push for rapid EV transition while potentially harming affordability.
Toyota and Honda, two automotive giants, reported weaker-than-expected profits in their fiscal second quarter, primarily due to production disruptions and challenging macroeconomic conditions. Toyota’s profit declined for the first time in two years, while Honda’s operating profit plummeted due to sluggish sales in China. Despite these challenges, both companies remain optimistic about their long-term prospects.
Toyota Motor’s global sales declined for the fourth consecutive month in September, driven by a drop in sales across key markets like Japan, the U.S., and China. The automaker attributed the decline to factors like production disruptions from natural disasters and a challenging market environment in China, but also highlighted a continued increase in sales of electrified vehicles.
Hyundai and Toyota, two automotive giants, announced their partnership in motorsports, while Hyundai reported a slight decline in its third-quarter net profit due to increased incentives and costs in global markets. The company faces challenges like lower demand, stricter emissions standards, and intensified competition in the coming months. Hyundai’s plans include focusing on high-end models, cost reduction, and expanding gasoline hybrid sales to offset the decline in EV demand.
Toyota, a powerhouse in motorsport, is making a grand return to Formula One through a multi-year technical partnership with the Haas team. The partnership, which begins immediately, involves knowledge sharing, technical expertise, and manufacturing services, offering both parties substantial benefits. This move marks Toyota’s first direct involvement in F1 since 2009, while Haas continues to use Ferrari power units.
Toyota has furthered its commitment to the future of air mobility by investing an additional $500 million in Joby Aviation, a California-based company leading the charge in electric air taxi development. This latest investment brings Toyota’s total contribution to Joby to nearly $900 million, highlighting the Japanese automaker’s belief in the potential of this emerging transportation technology. The partnership aims to accelerate the development and certification of Joby’s electric air taxi, which promises a faster, quieter, and cleaner alternative to traditional ground transportation.
Toyota Motor Corporation has announced a further $500 million investment in Joby Aviation, a company developing electric air taxis. This investment brings Toyota’s total investment in Joby to $894 million, reflecting a shared vision for the future of air mobility.
Toyota Motor Corporation saw a decline in overall U.S. sales in September, but electrified vehicle sales continued to rise, highlighting the company’s focus on this segment. The company’s Lexus division, however, reported strong sales growth for the third quarter.
Toyota reported a 3.1% decline in global vehicle sales for August, primarily driven by weak sales in Japan and China. However, the company saw an increase in the US market, thanks to the popularity of the new Camry. Toyota’s EV sales continued to grow, with a 23% increase compared to August 2023.
Toyota Motor Corporation has announced an increase in its share buyback program, raising the total to $8.31 billion. This move signifies the company’s confidence in its stock price and market conditions. The share repurchase program aims to buy back up to 530 million shares, representing 3.93% of outstanding shares, excluding treasury shares. Toyota’s share buyback plan underscores its strategy to manage its shareholdings and navigate the current market environment.
