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OEM results watch, Q1 2025: only Suzuki escapes downturn

Average Ebit margins fell for 13 carmakers during Q1 2025, with Suzuki alone blissfully immune to tariff tensions. By Jonathan Storey

Sales volumes of the 16 major carmakers were, on average, 2.7% lower in Q1-2025 (fiscal Q4 for the Japanese producers) from a year earlier compared with an almost unchanged figure in Q4-2024, falls of 4.1% in Q3 and 2.7% in Q2 and a rise of 1.2% in Q1. There were 11 carmakers reporting lower sales and five reporting higher, with changes ranging from minus 13% for Tesla and minus 9.6% for Honda to plus 10.0% for Toyota and 7.5% for GM.

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