FAW Toyota and GAC Toyota's sales volume declined, and Japanese brands are facing a sales watershed

FAW Toyota and GAC Toyota both saw sales decline in 2023, with Toyota's cumulative sales in China falling by about 12% year-on-year. FAW Toyota originally planned to reach a sales target of 1 million vehicles in 2023, but ultimately failed to do so. GAC Toyota's sales reached 1 million vehicles in 2022, but a decline in the market segment has already emerged.