Japan's Toyota, Honda Report Massive Profit Drop Amid Slow Demand in China

Japan's Toyota, Honda Report Massive Profit Drop Amid Slow Demand in China

Japanese automakers Toyota and Honda saw their profits decline in the third quarter of 2024. Toyota Motor posted its first quarterly profit drop in two years. The firm reported a 20% drop in profits between July and September. Toyota’s sales declined due to stalled production in the US and slow demand in China. Meanwhile, Honda also reported a 15% drop in profit for the July to September quarter. The automaker saw a 29% drop in sales in China, the largest slump the firm experienced globally. This comes as Chinese consumers shift to low-cost domestic brands of electric and hybrid cars. Although, Honda reported a 9% rise in vehicle sales in the US in the first nine months of 2024.

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