Toyota global sales climb in August, powered by US growth despite Trump's tariffs
Toyota (TM) reported another bump-up in global sales for August, with the US consumer powering the gains.
The world’s largest automaker by volume said global sales rose 2.2% in August year over year to nearly 845,000 units sold, with the company marking its eighth straight month of sales gains. Toyota’s year-to-date sales through August hit 6.9 million units, up 5% compared to last year.
The US, the largest market for the Japanese automaker, marked the biggest gains for Toyota.
Sales in August hit 225,367 units sold in the US, a 13.6% jump compared to a year ago. Year-to-date sales were up 7.2%, just above 1.68 million units sold.
“Sales were up year-on-year due to recovery from last year’s production stoppage caused by recalls of the [Lexus] TX and Grand Highlander as well as strong performance of hybrid vehicles such as Camry and RAV4,” Toyota said in its sales report.
Not surprisingly, the RAV4, the company’s top seller, and the ubiquitous Camry sedan led the sales gains.
In China, Toyota’s other major market, sales were essentially flat. The company cited an “ongoing severe market environment, including a shift to new energy vehicles and intensifying price competition,” as reasons for minimal growth. Toyota did say the company’s promotions tied to Chinese subsidies, as well as strong sales of Toyota’s bZ3X electric vehicle, helped its performance.
Turning back to the US, Toyota’s performance in August mirrored the success of other major automakers.
Ford (F) said US sales in August rose 3.9% compared to a year ago to 190,206 vehicles sold. Powering the gains were Ford SUVs, Maverick pickups, and EV sales, the company said.
Kia US sales jumped 10.4% year over year in August, with the EV9 SUV and Kia Sportage SUV having their best sales months ever.
Kia's sister brand, Hyundai, also said sales rose 12% to 88,523 vehicles, which the company said was its 11th straight month of sales gains and an August sales record.
Interestingly, automakers are seeing sales gains in the face of 25% sector tariffs for the auto industry and 15% tariffs on auto exports from Japan and South Korea.
Read more: What Trump's tariffs mean for the economy and your wallet
Later this week, major automakers like GM (GM), Ford, and Tesla (TSLA) will report third quarter deliveries, which should reflect the past few months of strong sales.
The major question is how long the good times will last with tariffs now fully in place and the US federal tax credit for EVs ending on Sept. 30.
Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
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