Stock Markets January 29, 2026

Toyota Holds Top Global Automaker Spot with Record 10.5 Million Vehicle Sales in 2025

Strong U.S. hybrid demand and cost controls help Toyota post growth despite tariffs

By Sofia Navarro
Toyota Holds Top Global Automaker Spot with Record 10.5 Million Vehicle Sales in 2025

Toyota Motor retained its position as the world’s largest automaker in 2025, reporting record global deliveries of 10.5 million vehicles, a 3.7% rise year-on-year. The company outpaced Volkswagen Group and Hyundai Motor Group, and saw notable U.S. growth driven by hybrid models, while absorbing tariff costs and raising its full-year operating profit forecast.

Key Points

  • Toyota recorded 10.5 million global vehicle sales in 2025, a 3.7% increase from the prior year.
  • U.S. sales of Toyota and Lexus rose 7.3% to 2.93 million units, driven in part by hybrids such as the Prius and RAV4.
  • Toyota absorbed tariff-related costs, emphasized local production and cost controls, and raised its full-year operating profit forecast despite estimating 1.45 trillion yen ($9.7 billion) in tariff costs for the fiscal year ending March 2026.

Toyota Motor has again been confirmed as the world’s best-selling automaker for 2025, announcing record global sales of 10.5 million vehicles on Thursday. The Japanese manufacturer said combined sales across its Toyota and Lexus brands increased 3.7% from the prior year.

That volume keeps Toyota ahead of Volkswagen Group, which recorded 9 million units, and Hyundai Motor Group, which delivered 7.27 million units.

U.S. demand was a standout for Toyota. Sales of Toyota and Lexus vehicles in the United States climbed 7.3% to 2.93 million units, with hybrid models such as the Prius and RAV4 cited as key contributors to stronger U.S. performance.

The company navigated a challenging trade environment in the U.S. after President Donald Trump initially imposed 25% tariffs on Japanese-made vehicles before cutting the levy to 15%. Toyota said it elected to shoulder tariff-related costs rather than broadly passing them on to consumers, and placed emphasis on local production and other measures to control costs.

In November, Toyota estimated the U.S. tariffs would cost the company 1.45 trillion yen, equivalent to $9.7 billion, in its fiscal year ending March 2026. Despite that projected burden, Toyota raised its full-year operating profit forecast, attributing the revision to successful cost-reduction efforts and firm demand in markets outside the United States.

Company commentary highlighted a strategy centered on absorbing some tariff impacts and expanding local manufacturing footprint while pursuing additional efficiencies. Toyota’s ability to expand sales and improve profit guidance, even while factoring in significant tariff costs, underscores both demand for its hybrid lineup and the effectiveness of its cost controls.

Looking across the industry, Toyota’s results demonstrate its continued global market leadership and resilience amid trade-related headwinds, with a particular emphasis on hybrid vehicle momentum in the U.S.


Summary

Toyota reported record 2025 global sales of 10.5 million vehicles, up 3.7% year-on-year, led by strength in U.S. hybrid models and supported by cost-control measures that allowed the company to raise its operating profit forecast despite tariff-related expenses estimated at 1.45 trillion yen for the fiscal year ending March 2026.

Risks

  • Tariff exposure - Toyota estimated U.S. tariffs would cost 1.45 trillion yen in the fiscal year ending March 2026, a material headwind for profitability affecting the automotive sector and related supply chains.
  • Concentration of demand - Strong reliance on hybrid model demand in the U.S. means shifts in consumer preferences or policy could affect U.S. sales performance and automaker revenue.
  • Trade policy uncertainty - Changes in U.S. tariff policy or other trade measures could alter cost dynamics and operational planning for global automakers and manufacturing sectors.

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