Japanese Automakers Reduces Production Capacity!

⚡ For the first time in 14 years, #Nissan, with 8 factories in China, decided to cut production by 30% after its sales fell below 1 million units in China in 2023.

🔋 Another Japanese manufacturer, #Honda, focusing on hybrid models amidst the rapid growth of the fully electric vehicle segment, will reduce its production in China by 20%. Despite having a capacity of 1.5 million units last year, only 1.2 million vehicles were sold.

🟢 #Toyota, which achieved significant sales with its electric sedan developed in collaboration with BYD, also experienced a decline. The global giant sold 1.9 million vehicles in China in 2023, a 2% decrease. Sales, which have been declining since the pandemic, are expected to suffer even more significant blows in 2024.

📊 Local brands accounted for 56% of the 2023 sales in China, the world’s largest automobile market.