Toyota’s worldwide production grew by 11.1% year-over-year in September, with strong demand in the United States despite tariffs.
Global Toyota and Lexus production was 918,146 vehicles. Sales were up 3.1% to 879,314.
U.S. Toyota and Lexus sales were up 14.2% to 185,748, which Toyota credited to “recovery from last year’s production stoppage caused by recalls of the TX and Grand Highlander as well as strong performance of hybrid vehicles”.
The U.S.’ US$7,500 tax incentive for electric and plug-in hybrid vehicle purchases ended on 30 September, with EV brands like Tesla also reporting a large spike in sales ahead of its expiry.
Sales in Japan were down 5.2% to 128,162. Production in the U.S. was up 28.5% to 123,649, while production in Japan rose by 8.5% to 301,626.
Toyota’s Daihatsu and Hino subsidiaries both reported a decline in production last month. Daihatsu production was down 1.1% to 109,361, while Hino production fell by 30.9% to 8,599.
Toyota and Lexus exported 194,643 vehicles from Japan in September, a 27.9% increase.
The U.S. lowered tariffs on imported Japanese vehicles from 27.5% to 15% in September. The company had previously forecast a JP¥1.4 trillion hit from the U.S.’ tariffs during its last earnings report in August.
The company also said earlier this month that it would add a new luxury brand known as Century. “When it comes to luxury cars, we need to go above even Lexus,” said Toyota chair Akio Toyoda.
Toyota will present new Century, Lexus, Corolla, and Daihatsu concept vehicles at the Japan Mobility Show in early November.
Toyota's (TYO: 7203) share price closed at ¥3,218, up from its previous close at ¥3,127. Its market capitalisation is ¥50.83 trillion.
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