Tariffs push Toyota, record sales in May. Production slightly down

Toyota closed May with a new record in global sales, confirming a solidity that is surprising in an environment marked by trade tensions and uncertainty over tariffs. The Japanese group recorded 898,721 vehicles sold worldwide, up 6.9% compared to the same month in 2024. This was the fifth consecutive month of increase, driven in particular by demand in the United States (+10.9%), China (+6.8%) and Japan (+4.4%). The stock market took note: +2.87% when the stock has been in the red 20% since the beginning of the year.

In the US, the acceleration in registrations is also linked to fears of higher prices, in view of new tariffs on imports. A dynamic that has led many consumers to anticipate the purchase. But supporting the performance are also more structural factors, such as the success of hybrid models - now increasingly central to the group's offer - and the launch of new cars, such as the Land Cruiser 250 in Japan.

Against this commercial momentum, global production showed a slight slowdown: -0.7% year-on-year to 806,677 units. A drop mainly explained by fewer working days in Japan and not by weak demand, according to the carmaker.

However, the context remains challenging. Tensions between Tokyo and Washington over tariffs continue to weigh on the sector: for Toyota, the estimated impact in April and May alone was around USD 1.2 billion. The Japanese government is working to obtain a final 25% tariff exemption, while Japanese manufacturers are considering a production reinforcement in US plants.

Against a backdrop in which other major brands such as Honda and Nissan reported declines of 4% and 6% respectively in monthly sales, Toyota's numbers appear as a sign of resilience. But also a reminder: to remain competitive today, production efficiency is not enough. What is needed is industrial vision, commercial readiness and a coherent strategy on key technologies and markets.