Japanese automakers suffered heavy losses due to US tariffs

The seven largest Japanese automakers, including Honda, Mazda, Mitsubishi, Nissan, Toyota, Subaru, and Suzuki, lost about ¥1.5 trillion ($9.74 billion) in profits between April and September 2023. These losses occurred against the backdrop of the current US tariffs of 27.5% on Japanese cars, which affected the companies' total operating profit. According to forecasts, this is the second consecutive year of decline.

Source Ukrinform

Despite the overall losses, Toyota is showing positive results, in particular due to the growth in sales of hybrid cars, despite spending 900 billion yen ($5.84 billion) on tariffs. At the same time, Subaru and Mazda, which have a significant share of the US market, also suffered serious financial losses. In the case of Suzuki, the company does not export four-wheelers to the United States, so it was not affected by the tariffs, although it is preparing for further losses due to a decrease in chip supply in the second half of the fiscal year.