混动需求旺盛抵消关税冲击，丰田上半年全球销量创纪录

Core Insights - Toyota has achieved record global sales in the first half of 2025, driven by strong demand for hybrid vehicles despite the turbulent U.S. tariff policies [1][2] - The company's global sales increased by 7.4% year-on-year to over 5.5 million units, with production rising by 8.8% to the same figure [1] - The growth is attributed to consumers locking in orders before the implementation of U.S. tariffs, and a new trade agreement reducing tariffs from 25% to 15% for Japanese automakers [1][2] Group 1 - Strong demand for hybrid vehicles is key to Toyota's resilience against tariff pressures, with significant sales growth in core markets like the U.S., Japan, and China [2] - In June, Toyota's global sales rose by 2.7% year-on-year to 937,246 units, while production increased by 7.7% to 963,455 units [2] - The U.S. remains the largest export market for Japanese automakers, with exports to the U.S. reaching $40.8 billion last year [2] Group 2 - The new trade agreement provides some relief for Japanese automakers, including Toyota, by lowering tariffs on imported vehicles [2] - Toyota has sold approximately 82,000 electric vehicles this year, with nearly all deliveries made outside Japan [2] - Competitors like Honda and Nissan have seen declines in sales, with Honda's June sales down 8% and Nissan's down 5%, highlighting Toyota's leading position in the current market [1][2]