By Henry Williams.
Sales of Toyota cars in China have dropped 27%, compared to the same time period last year. The Japanese car maker sold approximately 60,000 cars in November according to company execs.
The depressed figures come soon after protests all across China in response to the diplomatic crisis over the sovereignty of the Diaoyu / Senkaku islands. Japanese cars were burnt, and even drivers attacked for driving Toyotas. One such driver was left paralysed after an attack.
Just 3 days ago, Toyota announced a cut in production, with just 30,591 units output in October. Other Japanese manufacturers, such as Nissan, have seen similar decline.
However, Lin Huaibin, a Shanghai-based analyst, believes that the worst may be over:
“Sales have started to pick up in November and with some carmakers such as Honda introducing new models, the worst may be over for the moment.”
Toyota’s sales partner in China, GAC Toyota Motor Company, says retail sales are rebounding since the September protests. Shares in the company have long since recovered – shares on Friday were trading 11.51% up on their August 31st close.