全球第一大车企，中美亮红灯

Core Insights - The article discusses Toyota's strategic shift towards after-sales service and innovative delivery methods in the Chinese market, highlighting the challenges faced in this competitive landscape [4][5] - Despite political factors and intense competition, Toyota's global sales have shown a steady increase, with a total of approximately 8.705 million vehicles sold in the first ten months of 2025, reflecting a year-on-year growth of about 4.5% [6][9] - The article emphasizes the importance of hybrid vehicles in Toyota's sales strategy, particularly in North America and China, where the company is also expanding its electric vehicle lineup [18][25] Sales Performance - In the first ten months of 2025, Toyota's sales in the U.S. reached 2.074 million units, up 8.3% year-on-year, while sales in Japan were approximately 1.266 million units, reflecting a 4.5% increase [8] - In China, Toyota's sales totaled around 1.463 million units, a 3.5% increase compared to the same period in 2024, although growth has slowed when excluding Hong Kong [8][9] - Overall, Toyota has achieved slight positive growth across major global markets, indicating a stabilization compared to the previous year [9] Regional Market Analysis - In the U.S., the increase in sales is attributed to the recovery of production after supply chain disruptions and the popularity of hybrid models like the RAV4 and Camry [11][13] - In China, Toyota faces challenges from local electric vehicle competition but is countering this with promotions and the introduction of localized electric models like the bZ3X [13][25] - In Europe, Toyota's sales growth is driven by hybrid models, despite a limited electric vehicle lineup [15][24] Electric Vehicle Strategy - Toyota's electrification strategy is primarily focused on hybrid electric vehicles (HEVs), which accounted for approximately 43% of total sales in the first three quarters of 2025 [18][20] - The share of plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) remains low at about 1.6% and 1.4%, respectively [20][21] - In China, Toyota is expanding its electric vehicle offerings, with the bZ3X quickly becoming a top-selling model among joint venture brands [27][28] Financial Performance - For the first half of the 2025 fiscal year, Toyota reported an operating profit of approximately 2.005 trillion yen (about 133.7 million USD), a decline of 18.7% year-on-year, while net profit fell to around 1.77 trillion yen (about 118.0 million USD), down about 7% [30][31] - The North American market has seen significant profit declines due to increased marketing incentives and rising costs, resulting in an operating loss of approximately 134 billion yen (about 8.9 million USD) [33][34] - In contrast, the Japanese market remains a strong profit center, with an operating profit of 1.118 trillion yen (about 74.5 million USD) and a profit margin of 14.5% [31][35] Future Investments - Toyota plans to invest heavily in artificial intelligence and software, with an allocation of 1.7 trillion yen (about 113.3 million USD) for the 2024 fiscal year [38]