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Toyota Motor Corporation (New York Stock Exchange:TM) is partially suspending production at its plant in Tianjin, China. Local media reports indicate The suspension is part of a major production adjustment in response to weak sales in the region of gasoline-powered vehicles.
The production The cut was initially set only for October and November, but will now be extended for another three months. China accounted for almost a fifth of Toyota's production (M.T.) global sales of around 8.5 million vehicles during the first 10 months of the year, but the auto giant has been losing ground to Chinese electric vehicle makers throughout the year. A sharp drop in EV prices in China during 2023 has been a major factor in the battle for market share.
Toyota (TM) shares rose 0.52% in pre-market trading at $190.77 versus the 52-week trading range of $132.35 to $195.65.
Toyota's Looking Alpha Quant rating shows Strong Buy due to high ratings for growth, profitability and momentum factors.
