Toyota's global sales dropped for a fourth consecutive month in May, falling 7.4% compared to the same period last year. The decline is attributed to ongoing supply chain challenges in the Middle East and intense competition in China, according to Bloomberg. The Japanese automaker is struggling to maintain its market share amid these headwinds.
In contrast, Kia reported a 4% increase in global sales over the same period, with a 10% surge in Europe alone. CEO Song Ho-sung credited strong demand for fuel-efficient hybrids and fully electric vehicles for the growth. "Europe is tough and China is growing, but Kia is growing as well," he said.
Chinese automaker Geely is set to begin selling Lotus electric vehicles in Canada next month, marking the brand's first entry into the Canadian market. Reuters reports that the first shipment is scheduled for July.
Ferrari announced that all 88 units of its Luce model allocated for sale in China have sold out, with each vehicle priced at least $586,000. CarNewsChina reports that the luxury sports car brand saw strong demand in the Chinese market.
The CEO of Mazda's Australian division stated that a next-generation Miata is still in the pipeline, but the company cannot confirm a release date. He added that it may be the last model powered solely by an internal combustion engine. CarExpert reports that the company has not yet provided an official timeline.
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