Japanese market recovery continues – Just Auto

Japanese market recovery continues – Just Auto

New vehicle sales in Japan rose 11% to 397,672 units in October 2023 after rebounding strongly to 359,159 units the previous year, according to the Japan Automobile Manufacturers Association.

Auto sales continued to recover from supply chain bottlenecks last year when a severe semiconductor shortage severely impacted vehicle production. The country’s economy expanded 4.8% year-on-year in the second quarter, mainly driven by a rebound in exports following last year’s manufacturing disruption, after 2.7% growth in the first quarter. However, household spending in the country has slowed significantly in recent months, as consumers struggle with rapidly rising prices.

In the first ten months of 2023, the car market expanded by 15% to 4,005,158 units after falling by 10% to 3,120,718 last year. Passenger car sales rose 17% to 3,347,111 units while truck sales rose 5% to 651,337 units. Bus and coach sales rose 50% to 6,710 as travel demand continues to recover following coronavirus lockdowns.

Toyota Sales rose 28% to 1,335,139 units year-to-date following severe supply chain shortages last year while Suzuki Sales increased by 11% to 548,421 units. Daihatsu 496,551 (+7%); Honda 482,055 (+3%); April 408,069 (+8%); And Mazda 154,022 (+12%).

Hyundai Motor said it plans to enhance its zero-emission vehicle lineup in Japan by adding two electric vehicle models, the Kona Electric and the IONIQ 5N performance model. The company already sells the Nexo hydrogen fuel cell car and the Ioniq 5 crossover vehicle there directly through its online sales platform although it also has “customer experience centers” and service outlets.

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