International Business News – September new car sales in China for the 3 large Japanese car companies were released on October 10. Toyota’s sales increased by 50% year-on-year, while Honda decreased by 20% and Nissan also decreased by 10%. Sales were supported by tax cuts targeting passenger cars, but sales diverged due to a shortage of semiconductors and an uncertain economic outlook.
Toyota increased 50.3% to 172,800 units, higher than the previous year for the fourth consecutive month. Toyota’s main models “Corolla” and “Leyland” benefited from the Chinese government’s consumer stimulus policy of halving the purchase tax on some passenger cars since June. The company said that “the shortage of parts due to the shortage of semiconductors in August of the previous year had a significant impact,” and that the large increase was also due to a low base.
Honda sales fell 16.8% to 101,069 units, down for the fourth month in a row. Semiconductor shortages led to local production cuts, and the upgrade of the main model “CR-V” also had a negative impact. Nissan also fell 11.8 percent to 92,071 units, down for the second consecutive month. Nissan said, “Even taking into account the government policy to activate consumption, the outlook for the year may remain uncertain environment.”
In addition, Mitsubishi Motors grew 9.0 percent to 6,549 units, after 6 months of growth. Mazda also plans to release September sales soon.
Forecasts from the China Association of Automobile Manufacturers show overall sales in China up 21 percent to 2.51 million units. For the fourth consecutive month above the previous year, sales are continuing to recover.
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