What is the overall assessment of the Tokyo 2025 Motor Show?
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What is the overall assessment of the Tokyo 2025 Motor Show?
The Tokyo Motor Show 2025, renamed JMS 2025, was a good year as there were many new models and concept cars.
Three distinct entities could be discerned within this Salon.
• First up: the Japanese carmakers (Toyota, Honda, Nissan, Suzuki, Mazda, Mitsubishi, Subaru). Japanese carmakers largely dominated the event, presenting numerous concept cars previewing new models. Toyota unveiled a coupe version of its new Century brand, which now crowns the Toyota lineup. Toyota also presented what will become the future Corolla. Mazda presented the new CX-5 and what will become the future Mazda2, successor to the Toyota Yaris - based model. Subaru showcased an urban flying vehicle, illustrating Subaru's vision for the future of mobility. Honda unveiled the Cruise Origin, an autonomous shuttle without a steering wheel or pedals, designed for shared urban transportation. Suzuki presented a compact electric SUV, previewing a production model expected in 2026.
• The second group: German premium carmakers (BMW, Mercedes, Audi). These carmakers, which represent the vast majority of European imports to Japan, exhibited their new models and concept cars, already seen at the last Munich Motor Show in September.
• Third entity: BYD. The Chinese carmaker BYD surprised everyone at this show by presenting a battery electric Kei car called the Racco. It is the first Chinese model designed specifically for the Japanese market.
Tesla's global sales decline is halted in September 2025
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Tesla's global sales decline is halted in September 2025
- In September 2025, Tesla's global sales surpassed those of the same month of the previous year for the first time since last January. 191,812 Teslas were sold in September 2025 compared to 186,889 in September 2024, representing a 2.6% increase. This contrasts sharply with the declines the carmaker experienced in previous years: -2.1% in August, -11.6% in July, -6.5% in June, -12.2% in May, -9.4% in April, -13.8% in March, -33% in February, and -16.5% in January.
- In September 2025, Tesla sales in China and the United States returned to positive (+2.8% in China and +15.4% in the US), while they remained negative in 30 European countries (EU + UK + Switzerland + Norway), at -10.8%. However, half of the European countries saw their sales return to positive last September. Nearly 40,000 Teslas were sold in Europe in September 2025, compared to 60,000 in the USA and 90,000 in China.
- Tesla's sales growth became evident in September, even though no new models from the brand had entered production since the beginning of the year. The Model S and X were even removed from the lineup in most European countries. Growth was solely driven by the facelifted Model Y and the Model 3.
- For the cumulative first nine months of 2025, Tesla's global sales remain negative, at -10.6%, including a 29% decline in Europe, a 5.9% decrease in the US, and a 10.3% decrease in China, even though these three markets are overall showing slight growth compared to 2024. 172,000 Teslas were sold in Europe during the first nine months of 2025, 422,000 in the US, and 606,000 in China. In Turkey, sales did not exceed 27,000 units.
Slow growth in global F-HEV sales in 2025
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Slow growth in global F-HEV sales in 2025
- Global sales of full hybrid electric vehicles (F-HEVs) are expected to see relatively modest growth in 2025, rising from 3.1 million units in the first 8 months of 2024 to 3.5 million in the first 8 months of 2025.
- Japan, which had been the pioneer and leader in this type of powertrain in its domestic market, was overtaken in volume by the United States in 2024 (a difference of 250,000 units), and the gap between the two countries widened in 2025. In the first eight months of 2025, Japan purchased 864,383 F-HEVs, compared to 850,998 in the first eight months of 2024 and 832,206 in the first eight months of 2023. Sales of these models have tended to stabilize in Japan, or even decline, since last January. Their market share is projected to peak at 33-34% in 2025.
- Conversely, F-HEV sales are growing strongly in the United States, rising from 743,613 units in the first eight months of 2023 to 978,017 in the first eight months of 2024 and 1,282,433 in the first eight months of 2025. Their market share averages 12% in 2025 and even exceeded 14% in August. It appears that US customers prefer to opt for an F-HEV model rather than a PHEV or BEV.
- In Europe (30 countries), F-HEV sales are increasing, rising from 594,140 units in the first 8 months of 2023 to 765,570 in the first 8 months of 2024 and 828,648 in the first 8 months of 2025. Their market share reaches an average of 9.5% in 2025.
- Finally, in China, F-HEV sales increased from 455,227 in the first 8 months of 2023 to 470,690 in the first 8 months of 2024 and 578,994 in the first 8 months of 2025. Their market share reached an average of 3% in 2025.
Global sales stablisation for internal combustion engine vehicles in 2025
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Global sales stablisation for internal combustion engine vehicles in 2025
- Despite the increase in global NEV (BEV + PHEV + F-HEV) sales in the first 8 months of 2025 compared to the first 8 months of 2024, representing 14,457,091 units versus 12,652,280, global sales of internal combustion engine vehicles remained stable during this period, at 25,327,470 units compared to 25,290,617. The graph below on the right clearly shows that after a significant decline since 2019 in Europe, the USA, and especially China, sales of internal combustion engine vehicles tended to stabilize in 2025, at around 50% of the market in China, around 65% in Europe, and around 80% in the USA.
- We note just a drop in the market share of thermal vehicles in the USA in August 2025, but this is entirely temporary as it is due to the record sales of BEVs, PHEVs and F-HEVs recorded that month, due to the expiration of the federal tax credit scheduled for September 30, 2025, a phenomenon that will not be repeated in the following months.
- In Japan, sales of internal combustion engine cars are also expected to remain stable in 2025, with their market share hovering around 65%.
- According to Inovev, the reason for this stabilization of internal combustion engine (ICE) sales in 2025 worldwide lies in a real slowdown in the electric vehicle transition (high cost of electric vehicles, reduction in government subsidies), the rise of mild hybrid (MHEV) technology integrated into internal combustion engines, and economic and regulatory uncertainties that are causing hesitation or even reversals among carmakers. In 2025, the market appears to have reached a plateau. The revival of electric vehicle sales could come from the launch of small electric models.
Porsche is revising its engine strategy
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Porsche is revising its engine strategy
- Like most European car brands and due to the weak growth in sales of battery electric models, the Porsche brand (a subsidiary of the Volkswagen Group) is completely revising its engine strategy by abandoning the idea of producing only battery electric vehicles by 2030 and by prioritizing the launch of micro-hybrid, full-hybrid or plug-in hybrid petrol vehicles between 2026 and 2030.
- Boxster /Cayman: The models intended to succeed the Boxster and Cayman, also known as the 718, were initially planned to be equipped solely with an electric motor. They will ultimately also be offered with a mild-hybrid gasoline engine.
- Macan: the new Macan launched in 2024 which was launched only in a battery electric version will receive – although this was not planned at the start – a petrol engine in 2028, the time to technically adapt the electric model to a petrol version.
- Cayenne: the new battery electric version presented at the Munich Motor Show last September will not replace the current plug-in hybrid version. The latter will continue its production run longer than expected.
- Panamera: The replacement for the Panamera sedan, which was initially planned to launch only as a fully electric vehicle, has been postponed. The current plug-in hybrid model will therefore continue its production run longer than expected.
- Taycan: the only car from the brand that seems destined to be available only in a battery electric version.
- 911: the only Porsche car that will not be delivered in a battery electric version for a long time.