Company Reports

Toyota’s fiscal second-quarter consolidated revenue grew 9% year on year, with automobile revenue up 8% due to higher vehicle sales in Japan and Europe. Prolonged sales weakness and pricing pressure in China led to a 49% decline in equity-method profit from its China joint ventures.

Toyota’s vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale through the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota’s fiscal first-quarter consolidated revenue was up 10% year on year with automobile revenue edging up 9% thanks to an increase in vehicle sales volume in Japan and Asia. With continued sales and profitability pressure in China, profit for China joint ventures slumped 31% year on year.

Toyota’s fiscal fourth-quarter consolidated revenue was up 2% year on year, with automobile revenue edging up 3%, thanks to an increase in vehicle sales volume in Japan. With continued sales and margin pressure in China, profit for China joint ventures declined 14% year on year.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota’s fiscal third-quarter consolidated revenue was up 9% year on year, with automobile revenue edging up 7% thanks to an increase in vehicle sales volume in the US and Japan. With continued sales and profitability pressure in China, profit for China joint ventures declined 12% year on year.

Toyota’s fiscal second-quarter consolidated revenue was up 8% year over year, with automobile revenue edging up 7% thanks to an increase in vehicle sales volume in the US market. With mild sales recovery in joint ventures due to a low base, China's profit further improved on cost-reduction efforts.

Toyota’s fiscal first-quarter consolidated revenue was up 4% year over year, thanks to higher vehicle sales across all major markets globally. However, the tariff impact sent North America into an operating loss.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

US President Donald Trump announced that a Japan tariff deal has been reached, setting reciprocal tariffs at 15%. Japanese media is reporting that Japanese automakers will see their 25% tariff reduced to 15%. As of midday, the Nikkei 225 is up 2.8%, with Toyota shares bouncing over 13%.

Toyota’s fiscal fourth-quarter (ended March 2025) revenue was up 12% year over year, with automobile revenue edging up 8% thanks to an increase in vehicle sales volume. Automobile segment gross margin, however, was weaker than we expected.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Shares of Japanese automakers under our coverage were under pressure, slipping 2%-3% on March 27, 2025, as US President Donald Trump signed a proclamation implementing a 25% tariff on US auto imports, all passenger cars, and light trucks not made in the US, effective on April 2.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota’s December-quarter revenue grew 3% year over year, with automobile revenue edging up 2%. Operating income fell 28% year over year while operating margin narrowed 420 basis points to 9.8%.

Toyota's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and increasing scale from the Toyota New Global Architecture, which develops vehicles using common parts, something critical for Toyota to keep pace with other automakers.

Toyota's fiscal second-quarter revenue was flat year over year, with a decline in automobile sales offset by financial service income. Operating income dropped 20% year over year, while operating margin narrowed 250 basis points to 10%. With this note, we transfer coverage of Toyota to Vincent Sun.