Lexus sales in China are declining, and the prospects for localization are uncertain

In recent years, with the rise of new energy vehicles in China, Lexus' sales in China have been reduced. In 2022, Lexus' sales in China were 176,000 units, a year-on-year decline of 22.4%; in 2023, Lexus' cumulative sales were 181,400 units, a year-on-year increase of 3%, but the growth rate was very slow. After entering 2024, Lexus' sales in November were 15,500 units, a year-on-year decline of 13.8%. From January to November, Lexus' cumulative sales in China were 162,000 units, a year-on-year increase of 8.2%.