Core Viewpoint - Toyota Motor Corporation plans to invest US$ 10 billion in its US operations over the next five years, reinforcing its commitment to the US market as part of trade negotiations with the US government [1][4] Investment Details - The new investment will increase Toyota's total investment in the US to US$ 60 billion since its establishment in the country approximately 70 years ago [2] - Currently, Toyota employs around 50,000 people in the US across 11 manufacturing plants and has produced over 35 million vehicles in the country [2] Battery Plant Opening - The announcement coincided with the opening of Toyota's first overseas electric vehicle battery plant in North Carolina, which involved an investment of US$ 13.9 billion [3] - The new facility, Toyota Battery Manufacturing North Carolina (TBMNC), is dedicated to producing lithium-ion batteries for battery electric vehicles and hybrid vehicles, and is expected to employ about 5,100 people at full production [3] Strategic Approach - Toyota's new battery plant is part of its 'best-company-in-town approach,' focusing on local investment and production while contributing to the local community [4] - Tetsuo Ogawa, president and CEO of Toyota Motor North America, emphasized that the investment marks a pivotal moment in the company's history and reinforces its commitment to various stakeholders [4]

Toyota announced Wednesday it has officially begun production at its new $13.9 billion battery manufacturing plant in North Carolina, while committing an additional $10 billion to bolster its U.S. manufacturing over the next five years. The 1,850-acre facility in Liberty, North Carolina, marks the automaker's first battery plant outside Japan and is expected to create up to 5,100 new American jobs, Toyota said. "Today’s launch of Toyota’s first U.S. battery plant and additional U.S. investment up to $10 ...

Core Insights - Toyota has commenced production at its new battery plant in Liberty, North Carolina, marking a significant step in its global vehicle electrification strategy [1][2] - The facility represents a nearly $14 billion investment and is expected to create up to 5,100 jobs in the U.S. [1][3] - An additional investment of up to $10 billion over the next five years will bring Toyota's total U.S. investment to nearly $60 billion [1][2] Investment and Economic Impact - The new plant is Toyota's first battery manufacturing facility outside Japan and will serve as a hub for lithium-ion battery production [3][4] - The facility spans 1,850 acres and has the capacity to produce 30 GWh of batteries annually [3] - The investment is anticipated to have a substantial economic impact on the Piedmont Triad region of North Carolina [2][3] Job Creation and Community Development - The establishment of the plant will create over 5,000 new jobs for North Carolinians [4][5] - The facility will include amenities for employees, such as on-site childcare, a pharmacy, a medical clinic, and a fitness center [4] - Toyota is committed to workforce development through educational initiatives, including a $2.7 million grant to local schools [6][8] Product Focus and Future Plans - Batteries produced at the North Carolina plant will power various Toyota hybrid and electric vehicle models, including the Camry HEV and a new all-electric 3-row BEV [4][9] - Additional production lines are expected to launch by 2030, expanding the plant's capabilities [4] Commitment to Sustainability and Innovation - Toyota has sold over 6.6 million electrified vehicles in the U.S. since 2000, demonstrating its commitment to reducing carbon emissions [9] - The company emphasizes building where it sells, aligning with its sustainability philosophy [9][10]

Core Insights - Toyota Motor Corporation reported a 2.8% year-on-year increase in global sales to 949,153 vehicles in September 2025, with a notable 4.2% rise in overseas sales to 769,028 units, while domestic sales in Japan decreased by 2.8% to 180,125 units [1] - In the first nine months of 2025, total sales for Toyota Group rose by 5.8% to 8,358,426 units, with Japan's sales increasing by nearly 15% to 1,545,358 units and overseas sales up by 3.9% to 6,813,068 units [2] - Year-to-date global sales of Toyota and Lexus vehicles increased by 4.7% to 7,783,007 units, with North America showing a 7.1% increase to 2,171,163 units and Asia (excluding Japan) rising by 3.7% to 2,367,645 units [3] Sales Performance - Global sales of electrified vehicles from Toyota and Lexus rose by 14% to 3,703,634 units in the first nine months, making up 48% of total sales, with battery electric vehicles (BEVs) increasing by over 26% to 136,190 units [4] - Daihatsu's global sales surged by 31% to 492,210 units year-to-date, with a significant rebound in Japan where sales increased by 59% to 391,248 units, although overseas sales fell by 23% to 100,962 units [5] - Hino Motors, part of the Toyota Group, experienced a 10% decline in global sales to 83,209 units, with domestic sales dropping by almost 17% to 25,985 units and overseas sales decreasing by over 5% to 57,224 units [5]

Core Insights - Ford Motor Company reported a total of 545,522 vehicle sales in the U.S. for Q3 2025, reflecting an 8.2% increase year over year, marking seven consecutive months of sales growth [1][9] - Sales of electrified vehicles reached 85,789 units, up 19.8% year over year, accounting for 15.7% of total sales, with a year-to-date total of 242,298 units, up 16.5% [1][9] - The Mustang Mach-E and F-150 Lightning achieved record sales, with Mach-E sales up 50.7% to 20,177 units and F-150 Lightning sales up 39.7% to 10,005 units [2] Vehicle Sales Performance - Pickup and van sales totaled 313,654 units, an increase of 7.4% from the previous year [1] - Expedition sales surged 47.4% to 21,844 units, marking its best third quarter in 20 years, while the Navigator and Bronco also saw significant increases [3] - The Explorer, recognized as America's best-selling three-row SUV, experienced a 33.3% increase in sales to 55,000 units [3] Software and Services Growth - Ford Pro Intelligence software subscriptions rose approximately 30% year over year, with 815,000 active subscribers [4] - The BlueCruise hands-free driving feature surpassed 7 million hours of use, with a recent update adding new functionalities [4] Future Product Launches - Ford plans to begin shipping the Explorer Tremor and F-150 Lobo in Q4 2025, expanding its performance vehicle lineup [5] Competitive Landscape - General Motors reported U.S. sales of 710,347 units in Q3 2025, up 8% year over year, with EV sales reaching 66,501 units [6] - Stellantis sold 324,825 vehicles in Q3 2025, marking a 6% increase year over year, ending a streak of declining sales [7] Valuation and Estimates - Ford's shares have outperformed the Zacks Automotive-Domestic industry, gaining 23.4% year to date compared to the industry's 12.3% [8] - The company appears undervalued with a forward sales multiple of 0.30, significantly lower than the industry's 3.45 [11] - The Zacks Consensus Estimate for Ford's EPS for 2025 and 2026 has increased by 2 cents and 3 cents, respectively, over the past 60 days [12]

Core Insights - Toyota Motor North America (TMNA) reported a significant increase in vehicle sales for September 2025, with total sales reaching 185,748 units, marking a 14.2% increase compared to September 2024 [1] - Electrified vehicle sales for September totaled 85,092 units, up 8.1% year-over-year, representing 45.8% of total sales volume [1][3] - For the third quarter of 2025, TMNA's total vehicle sales were 629,137 units, a 15.9% increase from the same period in 2024, with electrified vehicle sales reaching 282,794 units, up 10.5% [1][2] Sales Performance - TMNA's sales for September 2025 showed a daily selling rate (DSR) increase of 9.5% compared to the previous year [1] - The Toyota division's September sales were 158,959 vehicles, up 13.4% on a volume basis, while Lexus division sales reached 26,789 vehicles, up 19.4% [1][3] - For the third quarter, the Toyota division reported sales of 537,528 vehicles, up 16.4%, and Lexus division sales of 91,609 vehicles, up 13.1% [1][3] Electrified Vehicle Strategy - TMNA currently offers 30 electrified vehicle options across Toyota and Lexus brands, contributing to nearly 50% of total sales [2][3] - The sales of electrified vehicles for the third quarter represented 44.9% of total sales volume, indicating a steady growth trend [1][3] - The company maintains one of the lowest incentive levels among full-line manufacturers, which may contribute to its sales performance [3] Market Position and Future Outlook - Strong customer demand is noted across the entire lineup, with vehicles selling as quickly as they are produced [2] - The upcoming next-generation RAV4 is anticipated to further enhance sales, as the current model remains popular among customers [2] - The company is committed to advancing sustainable mobility through its electrified vehicle offerings and initiatives [4]

Core Insights - Katrin Adt has been appointed as the new CEO of the Dacia brand, succeeding Denis Le Vot, effective September 1, 2025 [2][3] - Adt brings nearly 26 years of experience in the automotive industry, having held various senior positions at Daimler and Mercedes-Benz, including CEO of Mercedes-Benz in Luxembourg and CEO of the Smart brand [6] - The Dacia brand is recognized for its affordable mobility solutions and is currently expanding with the launch of its new C-segment SUV, BIGSTER [5][12] Company Leadership - François Provost, CEO of Renault Group, expressed gratitude to Denis Le Vot for his contributions and welcomed Katrin Adt, highlighting her experience as a key asset for Dacia [3] - Fabrice Cambolive, Chief Growth Officer of Renault Group, emphasized Adt's expertise in business development and the importance of electrifying Dacia's product range [4] Brand Positioning and Strategy - Dacia is positioned as a specialist brand for affordable mobility, aiming to establish itself as a benchmark in electrified vehicles [4][12] - The brand has seen significant success, with models like Sandero and Duster becoming best-sellers in their respective categories in Europe [12] - Adt aims to continue Dacia's momentum and address the challenges of electrification while maintaining the brand's commitment to accessible mobility [7]

Core Insights - Toyota Motor North America has unveiled the all-new 2026 RAV4, marking the sixth generation of America's best-selling compact SUV, which will be available in three distinct designs: Core, Rugged, and Sport [1][6][8] - The 2026 RAV4 will feature a fully electrified lineup, offering both Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Electric Vehicle (PHEV) powertrains, with the introduction of the first-ever RAV4 GR SPORT model [1][6][7] Design and Features - The Core design includes a modern aesthetic with a paint-matched grille and various wheel sizes ranging from 17 to 20 inches, available in well-equipped grades such as LE, XLE, and Limited [2][6] - The Rugged design is exemplified by the Woodland model, which features an adventurous look with raised roof rails, standard All-Terrain tires, and a higher ride height, available in both HEV and PHEV configurations [3][6] - The Sport designs, particularly the RAV4 GR SPORT, emphasize performance with a GR-tuned suspension, enhanced body rigidity, and exclusive PHEV powertrain options [4][6] Powertrain and Performance - The new PHEV models will feature a high-capacity drive battery and a newly developed Plug-in Hybrid System, achieving up to 320 combined system net horsepower, an increase of 18 hp over the previous generation [5][7] - The HEV system has been upgraded to deliver 236 combined system net horsepower on AWD models, a 23 hp improvement over the previous generation [5][6] Technology and Safety - The 2026 RAV4 will introduce the Arene software development platform, enhancing safety, security, and connectivity features, including the latest version of the Toyota Audio Multimedia system [20][21][23] - The new Toyota Safety Sense 4.0 system will debut with the 2026 RAV4, featuring improved hardware and detection capabilities [23] Interior and Comfort - The interior design focuses on functionality and user-friendly technology, featuring a new 10.5-inch or optional 12.9-inch touchscreen and a standard 12.3-inch digital gauge cluster [15][16] - Various seating options and interior colors will be available, with the Woodland grade offering unique outdoor-inspired touches [18][19] Availability and Pricing - The 2026 RAV4 models are expected to arrive at Toyota dealerships across the U.S. later in the year, with pricing details to be announced closer to the on-sale date [8]

Core Insights - Toyota Motor North America (TMNA) reported a significant increase in sales for March 2025, with total sales reaching 231,335 vehicles, up 7.7% year-over-year on a volume basis and 11.8% on a daily selling rate (DSR) basis [1][2][10] - Electrified vehicle sales for March 2025 totaled 112,608, marking a 44.1% increase in volume and representing 48.7% of total sales volume [1][2][10] - The first quarter of 2025 saw TMNA sell 570,269 vehicles, a 0.9% increase in volume and a 3.6% increase on a DSR basis compared to the previous year [2][10] Sales Performance - The Toyota division sold 196,240 vehicles in March, up 6.6% on a volume basis, while the Lexus division achieved sales of 35,095 vehicles, up 14.1% [3][4][10] - For the first quarter, the Toyota division reported sales of 487,226 vehicles, a slight increase of 0.1%, while the Lexus division recorded its best-ever first quarter with 83,043 vehicles sold, up 5.8% [3][4][10] Electrified Vehicle Highlights - TMNA offers 32 electrified vehicle options, the most among any automaker, contributing to a growing sales mix of electrified vehicles [5][6] - First quarter sales of electrified vehicles totaled 288,796, up 39.6% in volume and representing 50.6% of total sales volume [2][14] - Notable increases in specific models include the bZ4X, which saw a 195.7% increase in first quarter sales, and the Tacoma, which increased by 177.5% [6][12] Market Strategy - The company attributes steady sales to improved inventory levels and the introduction of new models, such as the Toyota 4Runner and Lexus LX hybrid [5] - TMNA maintains the lowest incentives among full-line manufacturers, which may contribute to its competitive positioning in the market [6]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the third quarter was $41.9 million, down from $82.8 million in the prior year quarter [5] - Earnings per share decreased to $0.27 from $0.98 in the same period last year, impacted by lower volumes and average selling prices [6][21] - Net sales were $687 million, a decrease of $118 million or 15% from the prior year quarter, primarily due to lower direct volumes and market pricing [24] Business Line Data and Key Metrics Changes - Shipments to the automotive market were down 3% year over year, with production cuts at a major OEM affecting results [7][25] - Construction market shipments decreased by 20% year over year, attributed to economic uncertainty and a prior year pivot towards construction due to an automotive strike [29] - Heavy truck market demand remains slow, but signs of improvement are noted, with expectations for GDP-type growth for the remainder of 2025 [9] Market Data and Key Metrics Changes - The North American automotive market is forecasted to produce approximately 15.3 million units in 2025, showing flat builds year over year [7] - The construction market is expected to gain momentum in the second half of 2025, benefiting from anticipated interest rate cuts [8] - The agriculture market is expected to remain soft due to interest rates, commodity prices, and tariffs affecting purchasing decisions [9] Company Strategy and Development Direction - The company remains focused on investments in the electrical steel market, anticipating a 6% annual growth in power demand over the next 15 years [10][11] - Strategic capital expenditures and acquisitions are ongoing, with expansions in electrical steel capabilities in Canada and Mexico [13] - The company is pursuing a transformation strategy aimed at improving operational efficiency and reducing costs [14][15] Management's Comments on Operating Environment and Future Outlook - Management expresses cautious optimism about the near term, with expectations for improved clarity in the second half of 2025 [18] - The company is closely monitoring macroeconomic conditions, including inflation and interest rates, which could impact demand [47] - Management believes they are well-positioned for growth, with a strong focus on safety, quality, and customer service [19] Other Important Information - The company reported cash flow from operations of $54 million and free cash flow of $25 million for the quarter [31] - A quarterly dividend of $0.16 per share was announced, payable on June 27, 2025 [32] - The company is exploring AI integration into its operating model and expanding its advanced analytics portfolio [18] Q&A Session Summary Question: Impact of tariff policy - Management anticipates minimal impact on business from tariff policies, with localized strategies in place to mitigate risks [37][40] Question: TWB performance and charges - Special charges related to TWB included a write-off of R&D and early retirement program costs, impacting quarterly results [42][44] Question: Normalization of underlying EBITDA - Management indicates uncertainty in demand makes it difficult to predict when underlying EBITDA will normalize, but they are cautiously optimistic for the end of the calendar year [46][48] Question: Construction market share efforts - Management acknowledges a tough comparison in construction volumes but is actively pursuing opportunities to regain market share [61] Question: New automotive customer awards - The company has gained share in the automotive market, with expectations for increased volume and margin impact from new programs over the coming months [63][65]