2 1 Shi Ji Jing Ji Bao Dao·2025-08-18 15:09Core Viewpoint - The financial reports for the first quarter of the fiscal year 2025 (April 1 to June 30) from Japan's three major automakers—Toyota, Honda, and Nissan—show significant divergence in performance amid global tariff pressures, with Toyota achieving sales growth, Honda facing profit halving, and Nissan experiencing substantial losses [1][2][4]. Sales Performance - Toyota reported a global delivery of 2.411 million vehicles, a year-on-year increase of 7.1%, outperforming both Honda and Nissan combined [2][3]. - Nissan's global sales fell to 707,000 units, a decline of 10.1% year-on-year, while Honda's sales dropped to 839,000 units, marking a significant decrease of 30% [2][3]. Revenue Analysis - Toyota led with an operating revenue of 12.25 trillion yen, a 4% increase year-on-year [3]. - Honda's revenue was 5.34 trillion yen, a slight decrease of 1.2%, while Nissan's revenue plummeted to 2.7 trillion yen, a significant drop of 9.7% [3]. Profitability Insights - Toyota's net profit decreased by 37% to 841.3 billion yen, despite revenue growth, indicating a "revenue without profit" situation [4][6]. - Honda's net profit halved to 170.4 billion yen, with an operating profit of 244.17 billion yen, down 49.6% [4][6]. - Nissan reported a net loss of 115.76 billion yen, marking a shift from profit to loss, with an operating loss of 79.1 billion yen [4][6]. Impact of Tariffs - The U.S. tariff policy has been identified as the primary factor affecting profitability, with Toyota estimating a profit reduction of 450 billion yen due to these tariffs [6]. - Nissan indicated that the tariff impacts, combined with restructuring costs, would lead to severe losses, with an expected profit reduction of up to 300 billion yen for the fiscal year [6]. Market Dynamics - The North American market, a crucial profit source for Japanese automakers, has been significantly impacted by U.S. tariffs, with Toyota's North American sales reaching 5.3 trillion yen, a 6.2% increase [5][6]. - Honda's North American sales grew by 51% to 457,000 units, marking it as the only market with growth for Honda [5]. Electric Vehicle Transition - Toyota's electric vehicle sales accounted for 47.6% of its total sales in the first half of 2025, driven by hybrid models [13]. - Honda is in a transitional phase, with expectations of losses in its electric vehicle segment, while planning to launch a new electric vehicle line by 2026 [14][15]. - Nissan's electric vehicle strategy is heavily reliant on the new model N7, which has shown potential but lacks a comprehensive product matrix to drive overall sales [15]. Chinese Market Performance - Toyota's sales in China reached 837,700 units, a 6.8% increase, benefiting from strong performance in joint ventures [8][9]. - Nissan's sales in China fell by 21.3% to 279,500 units, while Honda's sales dropped over 24% to 315,200 units, indicating challenges in the Chinese market [12].