SEOUL/TOKYO — Toyota and Hyundai Motor may have a beef with US protectionism, but they have one thing in common with President Donald Trump: when it comes to global car markets, it’s America first for Asia’s legacy automakers.
Trump’s tariffs on imported automobiles have upended the outlook for the global industry, yet the US remains by far the most important market for Japan’s Toyota, South Korea’s Hyundai and Asian rivals including Honda and Nissan. North America accounts for at least 40 percent of the revenue at both Toyota and Hyundai, filings show.
The market’s importance is unlikely to change any time soon, industry insiders and analysts said, especially with China, now the world’s biggest auto market, dominated by homegrown electric vehicle makers such as BYD.
Those Asian legacy carmakers with more robust margins and a strong hybrid lineup – such as Toyota, Hyundai, Kia Corp. and to a lesser extent Honda – are more likely able to weather the US tariffs storm, and potentially take market share from weaker players like Nissan, analysts said.
“The environment that we’re in now is becoming increasingly harsh and uncertain, starting with US tariffs,” Mazda executive officer Noriyuki Takimura told reporters at an event in Tokyo last week.
