Global Stock Markets Experience Sharp Declines Amid Economic Uncertainty

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In 2018, Lexus achieved a year-on-year growth of 21% in China, leading the overall growth among major global markets. This year, Lexus is expected to reach a milestone of one million cumulative sales in China. According to reports from Japanese media, the production of the Lexus ES, manufactured in Japan, will increase by 10%, reaching 110,000 units (as of the end of March this year). Currently, Chinese consumers need to wait between 2 to 4 months to purchase models like the ES. With Lexus rapidly expanding, the majority of the increased production is expected to be allocated to the Chinese market. In 2018, Lexus recorded total sales of 160,468 units in China, a 21% increase year-on-year, exceeding its annual sales target. The growth rate was the fastest among all major Lexus markets. The all-new ES, launched in July 2018, became the backbone of Lexus’ sales in China. During the first half of 2018, sales were affected by the model's generational changeover, but it rebounded strongly in the second half of the year, with annual sales reaching 62,362 units, a 3.9% year-on-year increase. This model accounted for approximately 39% of Lexus' total sales. Looking at the overall performance of Lexus, the U.S. market remains its largest single market. However, the U.S. market faced a decline, with 2018 sales totaling 298,310 units, a 2.3% year-on-year decrease. Although the European market also saw growth, with total sales of 76,188 units and a 2% growth rate, it still pales in comparison to the booming Chinese market. The surge in sales in China is one of the key reasons for Lexus increasing its vehicle offerings. Additionally, starting from July 1, 2018, China reduced import tariffs on vehicles and auto parts. The tariff rate on 135 categories of complete vehicles, previously set at 25%, and 4 categories at 20%, was lowered to 15%. The tariff on auto parts, which previously ranged from 8% to 25%, was reduced to 6% for 79 categories. As a brand that relies solely on imports, this tariff reduction is highly beneficial for Lexus. Currently, in some regions, purchasing a Lexus ES requires a waiting period of 2 to 4 months, with no cash discounts available at dealerships. In addition to the ES, Japanese media have reported that Toyota is also considering increasing production of the UX and RX models. The RX, which is Lexus' second-best-selling SUV in China, still has significant growth potential, and a long-wheelbase version is expected to be introduced in the future. As of the end of January this year, the new UX had already received 1,542 orders, with a waiting time of more than four months to take delivery. Given the surge in sales, favorable policies, and the high demand at dealerships, the majority of the increased production of Lexus models is expected to enter the Chinese market.