Toyota's overseas sales in March hit a record high! North American buyers rushed to make car purchases before the tariff took effect.

On Thursday, April 24, Japan's Toyota Motor Corporation reported that its overseas sales in March hit a record high for the same period, driven primarily by a surge in purchases in North America. Toyota announced on Thursday that its global sales in March increased 7.9% YoY to 968,422 units. Among these, the company sold 814,105 units in overseas markets, up 6.7% YoY, with sales in North America growing 6.8%. Analysts pointed out that the surge in North American sales was mainly driven by strong demand and potential tariffs, reflecting US consumers' desire to purchase cars before the import tariffs took effect in early April (otherwise, they might face the prospect of skyrocketing car prices). The Trump administration began imposing a 25% tariff on all foreign-made car imports on April 3, causing varying degrees of reaction globally. This move has unsettled car manufacturers worldwide, with Japanese automakers facing greater risks. Currently, Japan's major manufacturers are adjusting production to minimize the impact of tariffs. For example, Mazda stated it would suspend production in the US for a car model exported to Canada; Honda plans to shift production of its Civic hybrid from Japan to the US; and Nissan has halted US orders for SUVs manufactured in Mexico. Toyota, however, stated it will continue to hold its ground. In 2024, Toyota sold 10.8 million cars for the year, although lower than the previous year, it was still enough to defeat Volkswagen and retain its title as the world's largest car manufacturer for the fifth consecutive year. Notably, on Wednesday, April 23, the White House confirmed that Trump is indeed considering exempting car manufacturers from some tariffs, potentially including parts of car parts tariffs. However, the potential exemptions would still retain Trump's 25% tariff on all imported foreign-made cars (complete vehicles) and would not affect the 25% tariff on imported car parts set to take effect on May 3.