Toyota's November Sales Decline: The Impact of China is Obvious

Toyota Motor's November Sales Analysis

Toyota Motor (TM) announced that global vehicle sales decreased by 1.9% year-on-year as of November 2025, falling to 965,919 units. This marks the first year-on-year sales decline for the company in the last 11 months.

China Market: Reason for the Sales Decline

The biggest factor behind the slowdown in sales is undoubtedly the Chinese market. In the country, annual vehicle sales fell by 12.1% to 154,465 units. Toyota cites the end of incentive programs, uncertainty in new policies, and changes made to key models like the RAV4 as reasons for this decline.

Performance in Japan and Overseas

Sales in Japan increased by 1.5% to reach 177,130 units, indicating stability in domestic demand. However, sales outside Japan decreased by 2.6%, falling to 788,789 units. This situation shows that there is overall pressure in international markets.

Market Size and Diversity

In North America, sales showed resilience with a 2.7% increase, while a 5.3% decrease was recorded in Europe. Additionally, other regions in Asia also experienced mid-single-digit declines. This proves that the slowdown in November sales is not limited to China, although the biggest decline originates from there.

Brand Performances

Total sales of Toyota and Lexus fell by 2.2% to 900,011 units, attracting attention, while Daihatsu Motor increased its sales by 8.3% to 57,271 units. Hino Motors' sales declined by 20.8%, reaching 8,637 units.

Production Figures

On the production side, total global production decreased by 3.4%, falling to 934,001 units. This is recorded as the first production decline in 2025. The drop in production that exceeds the decline in sales indicates a more cautious production approach due to the normalization of demand. The total production of Toyota and Lexus decreased by 5.5%, dropping to 821,723 units, while Daihatsu’s production showed a 20.5% increase, reaching 103,250 units. Hino Motors' production declined by 24.8%, falling to 9,028 units.