Japanese automaker Toyota Motor (NYSE:TM) said on Thursday that it sold 826,863 Toyota and Lexus brand vehicles worldwide in August, marking a drop of 3.1% from August 2023.

What Happened: The dip in global sales was spurred by a sales decline in Japan and China.

The company's sales in Japan dipped by 9% year on year to 109,505 units after the company suspended production of three models including the Yaris Cross. In China, sales dipped 13.5% owing to "severe market conditions" such as the intensifying price competition, the company said.

In the U.S., however, sales increased by 1.9% from last year to 198,401 units due to the strong sales of the new Camry. That said, production within the U.S. fell by 14.5% due to the product suspension caused by the recall of the Lexus TX and Toyota Grand Highlander in June, the company said.

Production worldwide fell 11.2% to 709,571 units.

Toyota's EV Sales: Toyota sold 371,727 electrified Toyota and Lexus vehicles globally in August, marking a jump of about 23% from Aug. 2023. Electrified vehicles refer to hybrids, plug-in hybrids, battery electric vehicles, mild hybrids, and fuel-cell electric vehicles.

Pure electric vehicles or BEVs accounted for just 3.4% of Toyota's overall electrified vehicle sales last month.

Toyota has been the world's top-selling automaker for several years now. Last year, the company sold 11.2 million vehicles to retain the position, beating German automaker Volkswagen which sold just 9.2 million cars.

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Photo courtesy: Toyota