Toyota points to high gas prices as sales in China plunge 30%, dragging down global results

Toyota cited high gasoline prices and intense competition in China as sales there fell sharply, dragging down its global results. The automaker, including the Lexus brand, reported May global sales declined 7.2% year over year to 834,279 vehicles, marking its fourth consecutive month of lower sales than the prior year. In North America, Toyota sold 280,539 vehicles, virtually flat at 0.1% lower, while U.S. sales fell 0.6% to 238,800 despite the transition to the new RAV4, with stronger demand for hybrids and electric vehicles. Europe saw steady demand, with 99,597 vehicles sold, down 0.3%. The largest drop was in China, where May sales fell 31.7% to 102,299 units. Toyota said rising gasoline prices continued to hurt demand. Through May 2026, China sales totaled 579,419, 15% lower year over year, even as its joint-venture EV bZ3X led in April.