(Bloomberg) -- Toyota Motor Co.’s sales and production plateaued last month, buoyed by a slight rebound abroad after a prolonged slump in Japan.
Global sales, including that of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 0.4% in October compared with last year to 974,245 units — the first uptick in three months and a record for October.
Production fell 1.3% to 1.02 million units, the company said Thursday.
The world’s biggest carmaker has seen sales and output fall throughout the year as Japanese carmakers struggle to compete in China, where local brands are flooding the market with battery-based electric vehicles.
Toyota’s domestic sales have fallen more than 20% between January and October, while production fell 13%.
While sales have risen 5.5% in North America so far this year, that growth has been offset by a 9% decline in China.
Toyota kept its ¥4.3 trillion ($28.4 billion) annual profit outlook intact when it announced second-quarter earnings in early November, despite the weak performance in Japan and China.
The Japanese automaker’s global car sales have taken a hit due to weak demand for new cars, while output cuts were caused by regulatory probes and recalls at home and abroad. Toyota’s sales in Japan fell this year due to domestic recalls of the Prius.
Production in China declined as it struggled to keep up with BYD Co. and other local players.
Honda Motor Co.’s global production in October fell 16% to 340,777 units, including a 46% drop in China. Sales fell 16.7% last month to 309,807 units.
Nissan Motor Co. saw monthly output drop 6.3% to 290,848 units. October production fell 15% in both the US and China.
Last month, Nissan announced plans to cut 9,000 jobs and reduce manufacturing capacity by 20% after lowering its annual profit outlook by 70%. Chief Executive Officer Makoto Uchida cited weak sales in the US and China as the primary cause of its rapid decline.
(Adds monthly figures from Honda and Nissan.)
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