Toyota to raise U.S. auto prices by more than $200 from July
Toyota Motor will raise prices of some vehicles it sells in the U.S. by more than $200 starting next month.
Some Toyota- and Lexus-branded models will see their prices raised by an average of $270 and $208, respectively, Nobu Sunaga, a spokesman for the Japanese carmaker, said in an email on Saturday.
The move is a part of a regular revision and new prices are determined based on factors including market conditions and competition, he said, without giving more details.
The revision comes after Mitsubishi Motors announced raising the U.S. prices for three models this month, also citing a regular adjustment to factor in inflation. Japanese carmakers rely heavily on imports to supply the U.S. market, and have been grappling with the fallout of President Donald Trump's tariffs on imported cars and parts.
Kyodo News reported Toyota's price hike earlier.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Times
3 hours ago
- Japan Times
Toyota to raise U.S. auto prices by more than $200 from July
Toyota Motor will raise prices of some vehicles it sells in the U.S. by more than $200 starting next month. Some Toyota- and Lexus-branded models will see their prices raised by an average of $270 and $208, respectively, Nobu Sunaga, a spokesman for the Japanese carmaker, said in an email on Saturday. The move is a part of a regular revision and new prices are determined based on factors including market conditions and competition, he said, without giving more details. The revision comes after Mitsubishi Motors announced raising the U.S. prices for three models this month, also citing a regular adjustment to factor in inflation. Japanese carmakers rely heavily on imports to supply the U.S. market, and have been grappling with the fallout of President Donald Trump's tariffs on imported cars and parts. Kyodo News reported Toyota's price hike earlier.
Japan Times
4 hours ago
- Japan Times
Upper House begins discussions on gasoline tax bill
The Upper House began discussions on an opposition-sponsored gasoline tax cut bill on Saturday, a day before the ordinary session of parliament ends Sunday. The opposition camp is demanding that the bill be put to a vote in the Upper House Committee on Financial Affairs and then in the full chamber by the end of Saturday, with an eye on the upcoming Upper House election, expected to take place on July 20. However, Junichi Ishii, the ruling Liberal Democratic Party's parliamentary affairs chief in the Upper House, told Yoshitaka Saito, his counterpart from the main opposition Constitutional Democratic Party of Japan, at a meeting Saturday that the bill does not deserve a vote. The bill to abolish the provisional gasoline tax rate, effective July 1, was jointly submitted by the CDP and six other opposition parties earlier this month. On Friday, it passed the Lower House, where the LDP-Komeito coalition lacks a majority. There is little chance that the bill will pass the Upper House, where the ruling coalition holds a majority.
Japan Times
8 hours ago
- Japan Times
U.S. may target Samsung, Hynix and TSMC operations in China
The U.S. Department of Commerce is considering revoking authorizations granted in recent years to global chipmakers Samsung, SK Hynix and TSMC, making it more difficult for them to receive U.S. goods and technology at their plants in China, according to people familiar with the matter. The chances of the United States withdrawing the authorizations are unclear. But with such a move, it would be harder for foreign chipmakers to operate in China, where they produce semiconductors used in a wide range of industries. A White House official said the United States was "just laying the groundwork" in case the truce reached between the two countries fell apart. But the official expressed confidence that the trade agreement would go forward and that rare earths would flow from China, as agreed. "There is currently no intention of deploying this tactic," the official said. "It's another tool we want in our toolbox in case either this agreement falls through or any other catalyst throws a wrench in bilateral relations." Shares of U.S. chip equipment makers that supply plants in China fell when the Wall Street Journal first reported the news earlier on Friday. KLA Corp dropped 2.4%, Lam Research fell 1.9% and Applied Materials sank 2%. Shares of Micron, a major competitor to Samsung and SK Hynix in the memory chip sector, rose 1.5%. A TSMC spokesman declined comment. Samsung and Hynix did not immediately respond to requests for comment. Lam Research, KLA and Applied Materials did not immediately respond, either. In October 2022, after the United States placed sweeping restrictions on U.S. chipmaking equipment to China, it gave foreign manufacturers like Samsung and Hynix letters authorizing them to receive goods. In 2023 and 2024, the companies received what is known as Validated End User status in order to continue the trade. A company with VEU status is able to receive designated goods from a U.S. company without the supplier obtaining multiple export licenses to ship to them. VEU status enables entities to receive U.S.-controlled products and technologies "more easily, quickly and reliably," as the Commerce Department website puts it. The VEU authorizations come with conditions, a person familiar with the matter said, including prohibitions on certain equipment and reporting requirements. "Chipmakers will still be able to operate in China," a Commerce Department spokesperson said in a statement when asked about the possible revocations. "The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process.' Industry sources said that if it became more difficult for U.S. semiconductor equipment companies to ship to foreign multinationals, it would only help domestic Chinese competitors. "It's a gift," one said.
