Japanese car sales in China plunge over territorial dispute
City Index October 9, 2012 5:15 PM
<p>Japanese care sales in China have dropped as the two countries continue their territorial dispute.</p>
Japanese car sales have tumbled in China as the two countries continue to fight over which nation owns a clutch of tiny islands in the East China Sea.
Demand for Toyota and Honda autos plunged in September as anti-Japanese sentiment increases over the territorial dispute.
Today (October 9th), Toyota stated its sales of new vehicles in the world's second-largest economy dropped by nearly half (48.9 per cent) last month year-on-year to 44,100 vehicles.
Honda's sales nosedived 40.5 per cent to 33,931 cars.
Toyota – which is Japan's largest automotive manufacturer producing Prius, Lexus and Camry models – had planned to sell one million vehicles in China this year.
China's growing middle class had been a target market for Japanese carmakers, as companies were counting on this demographic to boost sales.
At close of play in Tokyo this morning the Nikkei 225 was down by more than one per cent – or 93.7 points – to an index value of 8769.5 points.
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