“活不下去”的丰田，又成了全球第一

Core Viewpoint - Toyota's sales are set to break records despite the global shift towards electric vehicles, with a planned increase in production capacity to 10 million vehicles by 2025, while simultaneously reducing electric vehicle production by 20,000 units [4][6][12]. Group 1: Sales Performance - In the first half of 2025, Toyota's global sales reached 5.545 million vehicles, maintaining its position as the world's top seller, driven by a 27.4% growth in Japan and a 6.8% increase in China [4][11]. - Despite the rise of new energy vehicles (NEVs) in China, which sold 5.524 million units, Toyota's production capacity reached a historical high of 10.03 million units in 2023 [4][11]. - Toyota's net profit for the 2025 fiscal year is projected to be approximately 2.364 billion RMB, while 13 of the 18 listed passenger car companies in China are expected to collectively earn only 1.2268 billion RMB [5][6]. Group 2: Electric Vehicle Strategy - Toyota's electric vehicle sales accounted for only 1.5% of total sales in the first half of 2025, with a total of 82,000 units sold, leading to a downward revision of its 2026 electric vehicle sales target to 1 million units [9][10]. - The company has faced criticism for its slow transition to electric vehicles, with a history of dismissing the viability of pure electric cars in favor of hydrogen fuel technology [8][10]. - Despite the overall decline in the Japanese automotive market, Toyota's sales in various global markets, including North America and Europe, continue to grow [11][12]. Group 3: Market Dynamics - The automotive market is experiencing a significant shift, with electric vehicle market shares in Europe and the U.S. falling short of regulatory expectations, while Toyota's strategy of maintaining a focus on fuel vehicles has allowed it to avoid the pitfalls of aggressive price competition [13][16]. - The overall profit margin in China's automotive industry has dropped to 3.9%, indicating increased operational risks for manufacturers, while Toyota's profit decline remains relatively modest compared to competitors [15][16]. - The competitive landscape in the automotive industry is characterized by increasing numbers of competitors and price wars, which have led to significant losses for many companies, while Toyota has managed to maintain profitability [14][16]. Group 4: Historical Context and Production Efficiency - Toyota's historical approach to production, known as "lean manufacturing," emphasizes efficiency and quality, which has helped the company navigate challenging market conditions in the past [21][22]. - The company's ability to maintain a stable supply chain and production efficiency has been highlighted as a key factor in its resilience during periods of market downturns [22][23]. - The lessons learned from previous market cycles suggest that stability and quality will be more critical than rapid growth in the evolving automotive landscape [23][24].