Core Viewpoint - Toyota, the world's largest automaker, reported a significant decline in net profit for the third quarter and the first three quarters of the 2026 fiscal year, despite revenue growth, indicating challenges faced by the company in the current market environment [1][20]. Financial Performance - For the third quarter of the 2026 fiscal year (October-December 2025), Toyota's net profit was 1.26 trillion yen (approximately 57 billion RMB), a decrease of 0.93 trillion yen (approximately 42 billion RMB) or 43% compared to the same period in the previous fiscal year [3][9]. - In the first three quarters of the 2026 fiscal year (April-December 2025), the net profit was 3.03 trillion yen (approximately 140 billion RMB), down by 1.07 trillion yen (approximately 50 billion RMB) or 26.1% year-on-year [10][13]. - Revenue for the third quarter was 13.46 trillion yen (approximately 610 billion RMB), an increase of 1.07 trillion yen (approximately 48 billion RMB) or 8.6% year-on-year [6][8]. Strategic Initiatives - In response to the profit decline, Toyota has initiated a company-wide action to optimize breakeven sales volumes, focusing on reducing fixed costs and enhancing variable cost efficiency, while avoiding a one-size-fits-all approach to cost-cutting [3][20]. - A significant management reshuffle was announced, with current CFO Koji Sato set to become President and CEO, while the current President and CEO Akio Toyoda will transition to Vice Chairman and Chief Industry Officer [3][20]. Market Performance - Toyota's vehicle sales reached 7.302 million units in the first three quarters of the 2026 fiscal year, reflecting a year-on-year increase of 4.3%, while sales of Toyota and Lexus vehicles grew by 3.4% to 8.02 million units [17][19]. - In China, the retail sales of Toyota and Lexus vehicles were 1.393 million units, a slight decline of 0.6% compared to the previous fiscal year [19][20]. - The operating profit from Toyota's financial services segment increased by 366 billion yen (approximately 16.53 billion RMB) or 7.1% year-on-year, attributed to an increase in loan balances [17][20].

Core Insights - Koji Sato was appointed as President/CEO of Toyota Motor Corporation, succeeding Akio Toyoda, who is the grandson of the company's founder [1] Group 1: Leadership Changes - Koji Sato, previously the leader of the Lexus brand, took over the role of President/CEO at Toyota Motor Corporation three years ago [1] Group 2: Background of Leadership - Sato has a background in mechanical engineering, which may influence his approach to the automotive industry [1]

Core Insights - Koji Sato was appointed as President/CEO of Toyota Motor Corporation, succeeding Akio Toyoda, who is the grandson of the company's founder [1] Group 1 - Koji Sato has a background as a mechanical engineer and previously led the Lexus brand [1]

Core Insights - In January 2026, new car sales in Croatia decreased by 11.5% year-on-year, totaling 3,946 vehicles sold [1] - The market is experiencing a significant shift, with hybrid vehicles surpassing gasoline cars for the first time, accounting for 46% of sales compared to gasoline's 37.5% [1][2] Group 1: Sales Performance - Skoda led the market with 515 units sold, holding a market share of 13% [1] - Volkswagen followed closely with 514 units sold, while Toyota ranked third with 306 units [1] - Luxury car sales remained stable, with Aston Martin and Bentley each selling two units [1] Group 2: Market Composition - Hybrid vehicles sold 1,815 units, representing 46% of the total market share [1] - Gasoline vehicles accounted for 37.5% of sales, while diesel vehicles made up 11.4% [1] - Pure electric vehicles sold 145 units, constituting 3.7% of the market, and gas-powered vehicles represented 1.4% [1]

Group 1 - Toyota Motor Corporation is a traditional automotive company with significant scale and a global presence, actively working towards transformation [1] - The management is methodically moving towards adapting to new market conditions and trends [1] Group 2 - Mr. Mavroudis is a professional portfolio manager with expertise in risk management and financial market analysis, focusing on various financial instruments globally [1] - He has successfully navigated major crises, including the COVID-19 pandemic, demonstrating resilience and adaptability in investment strategies [1] - Mr. Mavroudis has published three books on investments and engages with the investment community through articles and educational seminars [1]

Core Insights - Toyota has reintroduced the Highlander as a fully electric vehicle (EV) amidst a declining demand for EVs in the market [1][7] - The new Highlander aims to fill the gap left by the gas-powered version, which is being phased out due to competition from the larger Grand Highlander [1][6] Vehicle Specifications - The 2027 Highlander features a new design with a low-profile look while maintaining its three-row SUV layout [2] - It offers seating for seven passengers and includes a 14-inch touchscreen and a 12.3-inch driver's display, along with advanced multimedia and safety systems [4] - Two battery options are available: 77.0 kWh and 95.8 kWh, with the larger battery providing a range of 320 miles [4] Production and Supply Chain - The Highlander will be assembled at Toyota's Kentucky factory, with battery modules sourced from its North Carolina plant, avoiding tariff exposure [5] Market Context - Deliveries of the new Highlander are set to begin in late 2026, with pricing details to be announced closer to the launch [6] - Despite the introduction of the Highlander, overall EV sales in the U.S. have been declining, partly due to the loss of federal EV tax credits and consumer concerns over costs and charging infrastructure [7][8] - The automotive industry has seen significant losses related to EV businesses, with major automakers reporting a collective $52.1 billion in losses [9]

Group 1: Performance and Operations - Lexus reported a global delivery volume of 882,231 vehicles in 2025, marking a 4% year-on-year increase and setting a record for the third consecutive year [2] - The North American market contributed nearly half of the sales, while the European market saw a slight decline. The share of electrified models surpassed 50% for the first time, reaching 52% [2] - Sales of pure electric vehicles surged by 119% year-on-year, driven by strong performances of the RZ and UX300e models, highlighting the brand's progress in electrification [2] Group 2: Strategic Initiatives - Lexus announced the establishment of a wholly-owned new energy company in Shanghai's Jinshan District in 2025, focusing on pure electric vehicle and battery research, with plans for domestic production by 2027 [3] - The brand aims to leverage the Yangtze River Delta industrial chain to accelerate collaboration with local tech companies, responding to market demands in China [3] Group 3: Industry and Market Analysis - The automotive market experienced a price reduction trend in January 2026, with an average drop of 14.9%, where luxury brands led the price cuts. However, Lexus managed to balance sales and brand premium through terminal discount strategies, achieving a 2% increase in imported sales in China to 184,100 units [4] - Industry analysis indicates that Lexus's hybrid technology and product matrix have supported its market recognition, although the potential dilution of the "pure import" label post-2027 may present new challenges [4] Group 4: Financial Performance and Strategic Direction - Toyota's net profit for the third quarter of the 2025 fiscal year increased by 64.37% to $6.32 billion, with revenue reaching $83.93 billion [5] - Lexus is undergoing a strategic upgrade, including the discontinuation of the classic LS sedan and the transformation into a diversified model family, exploring new directions [5] - The parent company's adjustment of the luxury brand's positioning may impact long-term resource allocation [5]

该车将搭载最新的锂离子电池，最大续航里程为320英里（约515公里），为在北美销售的纯电动汽车中 最长。除支持美国的标准充电接口"NACS"之外，还采用丰田自主的软件平台"Arene"。 电池也将在美国当地生产 汉兰达是丰田在北美的主力车，目前销售汽油车和混合动力车（HV）。这是该车型首次销售纯电动汽 车。现有HV和汽油车也将继续销售。2027年款今后是否会推出纯电动汽车以外的产品线尚不明确。 丰田将自2026年下半年起在美国南部肯塔基州的整车工厂生产。丰田目前在美国销售两款纯电动汽车， 但均从日本进口。这是首次在美国本地生产纯电动汽车。 丰田公开的新款纯电动汽车"汉兰达" 发布的是大型SUV"汉兰达"的纯电动汽车，将于2026年下半年开始销售。丰田目前在美国销售两款纯电 动汽车，但均从日本进口。这是首次在美国本地生产纯电动汽车。电池也将在美国国内生产…… 丰田汽车2月10日发布了将首次在美国当地生产的纯电动汽车（EV）。作为大型SUV"汉兰达 （Highlander）"的新车型，将于2026年下半年开始销售。电池也将在美国国内生产，提高当地采购比 例。随着美国政府废除购车补贴，纯电动汽车需求减少，但丰田将着 ...

Core Viewpoint - The market share of mainstream joint venture brands in the passenger car market has significantly declined from 51% in 2020 to 24% in 2025, indicating a potential future decline for these brands [1]. Market Overview - In 2025, the sales volume of mainstream joint venture brands decreased by 530,000 units compared to the previous year, marking the lowest figure in the past five years, with the decline rate narrowing from 15.7% to 8.4% [3]. - Despite the overall market downturn, some joint venture companies like Toyota and Mazda have shown signs of recovery, with different strategies contributing to their growth [6]. Sales Performance of Joint Ventures - Notable joint ventures such as Dongfeng Nissan and SAIC General Motors have seen their sales decline rates decrease, stabilizing their market positions, while Honda and Ford continue to struggle [6][9]. - For instance, Dongfeng Nissan's retail sales reached 603,000 units in 2025, with a reduced decline rate of 4.5% compared to 12.7% in 2024 [9]. - SAIC General Motors reported a retail sales figure of 562,000 units, with a significant portion of the decline attributed to the Chevrolet brand [9]. New Energy Transition - The push for new energy vehicle (NEV) transformation has become a priority for joint venture automakers, with many adopting new strategies to enhance local development and pricing [7]. - Successful new joint venture products, such as GAC Toyota's Platinum 3X and Changan Mazda's EZ-60, have yielded positive results, with Changan Mazda achieving a 15.2% year-on-year increase in sales [8]. Challenges and Strategic Adjustments - Some joint venture brands, like Honda, are facing significant sales declines, with their reliance on a few models leading to vulnerabilities [16]. - Honda's sales dropped by 26.7% and 27.9% for its two main joint ventures, indicating a need for a more competitive approach in the NEV market [16]. Future Outlook - The outlook for 2026 appears cautiously optimistic, with several joint ventures setting ambitious sales targets and planning to launch new NEV products [18]. - Companies like Dongfeng Nissan aim for a 40% increase in sales, while new products are expected to target higher price segments [20]. - The overall market for fuel vehicles is projected to stabilize around 30%, with a focus on enhancing the intelligence of fuel vehicles becoming crucial for competitive advantage [23][24].

丰田同比增长6.6%，达14万5500辆。销量时隔4个月增长。2025年改款的SUV"卡罗拉Cross"等销售良 好。在EV方面，增加了SUV"bZ3X"和"bZ5"等产品线，EV销量增长70.9%，达6400辆。 日产增长10.1%，增至5万24辆。2025年升级了燃油轿车"天籁"。搭载华为的"智能座舱"，吸引了年轻顾 客群，增加了销量。 本田下降16.5%，降至5万7489辆。与同比减少4成的2025年12月相比，降幅缩小，但仍受到与中国车企 激烈竞争的影响。 中国政府从2026年1月开始，将购买EV等新能源车的车辆购置税减免额缩小到一半。汽车以旧换新补贴 制度等也在调整，有大型车企认为，"很多有意购车的消费者在观望政策动向"。 丰田销量时隔4个月增长。2025年改款的卡罗拉Cross等销售良好。在EV方面，增加了bZ3X和bZ5等产 品线，EV销量增长70.9%。日产2升级了天籁，搭载华为的智能座舱，增加了销量…… 2月9日，日本三大汽车制造商1月在华新车销售情况全部出炉。虽然中国纯电动汽车（EV）的销售补贴 政策有所改变，但丰田和日产汽车由于车型升级和新车型投放产生效果，实现了增长。本田的EV等没 有 ...