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Toyota’s Global Production Declines For 10th Consecutive Month, Yet Sales Show Growth

Despite a consistent drop in global production, Toyota Motor reported an uptick in worldwide sales for the second month in a row, driven by strong demand in the United States and China.

In November 2024, Toyota’s global output fell to 869,230 vehicles, a 6.2% decrease compared to the same month the previous year. This decline was steeper than the 0.8% drop observed in October.

The company’s production in the U.S. dropped by 11.8%, showing slow recovery. However, the production of models like the Grand Highlander and Lexus TX SUV resumed after a four-month hiatus in late October.

In China, Toyota’s production decreased by 1.6%, a smaller drop compared to the previous month’s 9% decline. The company benefited from higher local sales of models such as the Granvia and Sienna minivans, as well as the electric sedan bZ3, developed jointly with BYD.

As Chinese automakers like BYD gain ground, Toyota has decided to establish an independent plant in Shanghai and plans to start manufacturing electric vehicles for its Lexus luxury brand by 2027, according to a report from Nikkei.

Production in Japan, which accounts for about a third of Toyota’s global output, was down 9.3% in November. This was partly due to a two-day production halt at the company’s Fujimatsu and Yoshiwara plants.

Despite the production challenges, Toyota saw a 1.7% increase in global sales, reaching 920,569 vehicles in November, setting a new record for the month. However, for the period from January to November 2024, global production fell by 5.2% year-over-year, totalling around 8.75 million vehicles. During the same period, global sales declined by 1.2%.

These figures include Toyota’s Lexus brand but exclude sales from its group companies, Hino and Daihatsu.

MENA Tech Index Fell 4.6% In July, But Outperformed Global Tech

The MAGNiTT Tech Index fell 4.6% in July, marking its second consecutive monthly decline as technology stocks weakened across global markets. MGTI closed the month at 165.24, down 4.76% in 2026 and 24.88% from its January 2025 peak.

Despite the decline, the index remained 65.24% above its January 2023 inception level. Its lower correlation with global technology benchmarks also limited its exposure to the broader technology sell-off.

Saudi Technology Stocks Lead The Decline

Saudi technology companies accounted for much of July’s decline. Nice One fell 21.3%, Jahez dropped 17.2%, and Rasan declined 15.7%, while Talabat gave back part of its second-quarter recovery.

Only three of the index’s 15 constituents ended July higher. MGTI also underperformed regional equity markets, with Saudi Arabia falling 1.89% and Dubai declining 2.69% during the month.

MGTI Shows Lower Correlation With Global Tech

July marked a reversal in global technology stocks, with MSCI EM IT falling 12.81% and MSCI ACWI IT declining 5.64%. MGTI’s lower correlation with those benchmarks limited the decline, with a correlation of 0.36 to MSCI EM IT.

The index also has limited exposure to semiconductors and large-cap AI companies that have driven much of the recent global technology rally. Its performance therefore differs from the broader global technology cycle.

MGTI Remains Above Its 2023 Level

MGTI has gained 65.24% since its January 2023 inception despite its recent declines. The index entered August down 4.76% for 2026 and nearly 25% below its January 2025 peak.

The MAGNiTT Tech Index July 2026 Monthly Update includes constituent-level performance, regional and global benchmark comparisons, and data on correlation, beta and volatility.

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