Japanese Automakers Report Mixed U.S. Sales in 2023
Japanese automakers have reported mixed results in U.S. stock market today sales for the first nine months of 2023. Honda Motor Co. and Toyota Motor Corp. saw significant increases, while Subaru Corp. and Mitsubishi Motors Corp. faced declines. Nissan Motor Co.'s sales also grew, albeit at a slower pace.
Honda's sales rose by 3.9% to 1,097,999 units, largely driven by the new Passport SUV. Meanwhile, Toyota's sales climbed by 7.9% to 1,865,876 units, boosted by strong demand for its RAV4 SUV. Nissan's sales increased by 1.5% to 711,903 units.
The U.S. stock market today for Japanese automakers as a whole grew by 4% to 4,551,879 units. However, Subaru and Mitsubishi posted declines, which could be attributed to U.S. President Donald Trump's tariffs. Specific figures for these two companies were not provided.
Honda's sales of its Prologue electric vehicle surged before U.S. tax credits for EV purchases expired at the end of September. Although exact figures for Honda's electric vehicle sales in 2019 are not available, the Honda e electric city car was made available for pre-order in Europe in summer 2019, with initial deliveries scheduled for spring 2020. This suggests that there were likely no significant customer deliveries in Europe by September 2019.
The U.S. stock market today for Japanese automakers remains robust, with overall sales up by 4%. However, the impact of tariffs on certain companies is evident. Honda and Toyota's strong performances, particularly in SUV segments, indicate a shift in consumer preferences. As the market evolves, automakers' responses to these changes will continue to shape the industry's landscape.
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