日系车为何都不赚钱了：本田净利润腰斩，日产巨亏，丰田增收不增利

Core Viewpoint - Japanese automakers are facing significant challenges, with Toyota showing resilience while Honda and Nissan struggle with declining profits and sales [1][5][10]. Group 1: Financial Performance - Toyota reported a global delivery of 2.411 million vehicles in Q1 2025, a 7.1% increase year-on-year, making it the only Japanese automaker to achieve sales growth [3][4]. - Honda's net profit halved to 170.4 billion yen, a 50.2% decline, while its operating profit dropped by 49.6% to 244.17 billion yen [7]. - Nissan experienced a net loss of 115.76 billion yen, marking a significant downturn from profitability, with an operating loss of 79.1 billion yen [7][10]. Group 2: Revenue Trends - Toyota's revenue reached 12.25 trillion yen, a 4% increase, while Honda's revenue slightly decreased by 1.2% to 5.34 trillion yen, and Nissan's revenue fell by 9.7% to 2.7 trillion yen [4][5]. - The disparity in revenue reflects the broader challenges faced by Honda and Nissan compared to Toyota's robust performance [4][10]. Group 3: Impact of Tariffs - The U.S. tariff policy has significantly impacted profits, with Toyota estimating a profit reduction of 450 billion yen due to tariffs, leading to a downward revision of its annual profit forecast [10]. - Nissan's losses were exacerbated by U.S. tariffs, which are expected to reduce its annual operating profit by up to 300 billion yen [10]. - Honda's operating profit was also affected, with a reduction of approximately 125 billion yen attributed to U.S. tariffs [10]. Group 4: Market Dynamics - The North American market remains crucial for Japanese automakers, contributing around 40% to their revenues, but it has also been the primary target of U.S. tariffs [9][10]. - In China, Toyota showed positive growth with a 6.8% increase in sales, while Nissan and Honda faced declines, highlighting the competitive pressures in the Chinese market [12][15]. Group 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, and it plans to build a new manufacturing plant for electric vehicles [16][17]. - Honda is in a challenging phase of its electric vehicle transition, expecting a loss of 650 billion yen this fiscal year, while reducing its investment in electric vehicle development [17]. - Nissan's electric vehicle strategy is heavily reliant on the performance of its new model N7, with a slower overall transition pace compared to its competitors [17].