Automakers including Ford, Honda and Hyundai posted significant sales gains in March and the first quarter as U.S. consumers hurried to buy vehicles ahead of expected price increases from proposed federal tariffs on imported cars and auto parts.
The consumer buying spree came as the Trump administration prepares to impose a 25% tariff on all foreign-made cars, including those from Canada and Mexico, starting April 3. Additional tariffs on imported auto parts are also under consideration later this year, potentially increasing prices across the board for vehicles assembled in the U.S., which often rely on imported components.
Roughly half of all vehicles sold in the U.S. are imported, according to industry analysts. In anticipation of rising prices, shoppers flooded dealership websites and showrooms. Cox Automotive reported that web traffic on its Kelley Blue Book and Autotrader.com platforms jumped 30% between March 26 -- when the tariff plan was announced -- and March 31, compared to the same week a year ago. Dealer websites powered by Cox Automotive also saw a 20% average increase in traffic during the same period.
Ford
Ford reported a 10% rise in March sales, recovering from a 1.3% decline in the first quarter overall. The strongest growth came from retail sales -- direct to consumers -- which jumped 19%. Ford attributed part of the surge to “improved availability” of some models.
F-Series truck sales grew 38% in March alone and 24% for the first quarter of the year, their best start in 20 years.
General Motors
General Motors reported a 17% year-over-year increase in U.S. sales for the first quarter, outpacing all other major automakers and signaling strong momentum across its portfolio, including electric vehicles.
The Detroit-based automaker led the U.S. industry in total, retail and fleet sales during the quarter, achieving double-digit gains across its four core brands: Chevrolet, GMC, Cadillac and Buick. Sales of electric vehicles rose 94%, allowing GM to retain its place as the nation’s second-largest EV seller.
Chevrolet, the company’s largest brand, saw a 14% increase in sales -- its best first quarter since 2019 -- fueled by strong demand for the Equinox EV and Blazer EV. Chevrolet is now the fastest growing EV brand in the U.S., according to GM.
GMC posted its best first quarter ever with an 18% increase in sales, while Cadillac's retail sales rose 21%, with EV sales growing 37%. Buick delivered its strongest quarterly performance since 2006, marking a 39% year-over-year gain.
GM also reaffirmed its leadership in the highly competitive full-size pickup and SUV markets, contributing to the company’s overall retail and fleet sales dominance in the U.S. for the quarter.
Toyota
Toyota Motor North America (TMNA) reported March 2025 U.S. sales of 231,335 vehicles, up 7.7% on a volume basis and up 11.8% on a daily selling rate (DSR) basis versus March 2024. Sales of electrified vehicles for the month totaled 112,608, up 44.1% on a volume basis and up 49.6% on a DSR basis representing 48.7% of total sales volume.
For the first quarter, TMNA reported sales of 570,269 vehicles, up 0.9% on a volume basis and up 3.6% on a DSR basis versus the year ago period. Sales of electrified vehicles for the first quarter totaled 288,796, up 39.6% on a volume basis and up 43.3% on a DSR basis representing 50.6% of total sales volume.
Toyota division posted March sales of 196,240 vehicles, up 6.6% on a volume basis and up 10.7% on a DSR basis. For the quarter, Toyota division reported sales of 487,226 vehicles, up 0.1% on a volume basis and up 2.8% on a DSR basis.
Lexus division posted March sales of 35,095 vehicles, up 14.1% on a volume basis and up 18.4% on a DSR basis. For the quarter, Lexus reported its best-ever result with sales of 83,043 vehicles, up 5.8% on a volume basis and up 8.6% on a DSR basis.
Honda
American Honda (AHM) reported March sales of 147,792 up 13.2%. Sales for the first quarter totaled 351,577.
AHM’s light trucks segment had its best month of all-time on sales of 108,466.
Electrified sales of hybrids and EVs represented the segment’s best March (45,831 units) and best Q1 (110,022 units).
The Honda brand posted March sales of 135,040, up 13.9% for its best month since June 2021, and Q1 sales of 320,811, up 5.7% year over year.
The Acura brand logged its best month of the year with March sales of 12,752, up 6.6%, and Q1 sales of 30,766, up 1.3%.
Mazda
Mazda North American Operations reported total March sales of 43,097 vehicles, an increase of 16.1% compared to March 2024. Year-to-date sales totaled 110,316 vehicles sold, an increase of 10.2% compared to the same time last year. With 26 selling days in March, compared to 27 the year prior, the company posted an increase of 20.6% on a Daily Selling Rate (DSR) basis.
Certified pre-owned sales totaled 7,116 vehicles in March, an increase of 5% compared to March 2024.
Hyundai
Hyundai Motor America reported record-breaking total March sales of 87,019 units, a 13% increase compared with March 2024. This was the best March in Hyundai's history, a record sixth consecutive month setting best-ever total sales. This was also the second-highest total sales month of all time.
Total sales records in March were set for Elantra (+25%), Santa Fe (+25%), Tucson (+28%), IONIQ 5 (+17%) and Palisade (+20%). March total sales of hybrid electric vehicles jumped 72%, while total electrified sales grew by 38%.
In the first quarter, Hyundai total sales were 203,554 units, a Q1 total sales record and an increase of 10% year-over-year. Q1 retail sales were 181,075, a 9% increase compared with Q1 2024 and a record for the first quarter. Hyundai also set new Q1 total and retail sales records for Santa Fe, Tucson, Palisade, and IONIQ 5. Electrified total sales were up 38% with hybrid-electric total sales jumping 68%. Hyundai electric vehicle total sales increased by 3%.
Kia
Kia America delivered 78,540 total units in March, extending its record-breaking sales streak to six months and propelling the fast-growing brand to the best first quarter performance in company history. Retail transactions at Kia dealerships grew 25% year-over-year, showing a continuous growth trend.
In Q1, Kia achieved total sales of 198,850 units, marking a 10.7% increase over Q1 2024 and setting a record for the highest first-quarter performance in its history. In particular, the all-new K4 compact sedan, which has shown consistent growth since its launch in August last year, saw a 10% increase in sales compared to the same period last year.
Moreover, the key SUV models such as the Carnival MPV (+53%), Telluride (+17%) and Sportage (+11%) and each delivered significant growth compared to same period last year, setting a new record for monthly sales performances.
Subaru
Subaru of America, Inc. (SOA) reported 71,478 vehicle sales for March 2025, a 16.6% increase compared with March 2024. March 2025 marked the best-ever sales month in the history of the company, topping the current record set in August 2019 (70,039). SOA also reported year-to-date sales of 166,957, a 9.1% increase compared to Q1 2024. March marked the 32nd consecutive month of month-over-month sales increases for the automaker.
Mitsubishi
Mitsubishi Motors North America, Inc. (MMNA) reported total first-quarter 2025 sales of 31,637, an increase of 11% over Q1 of 2024.
Leading the volume charge for MMNA in the first quarter was the brand's perennial best-seller, Outlander, with 11,992 sales for Q1 2025.
Outlander Plug-in Hybrid had a strong quarter, with 1,703 sales representing an increase of 12%. Contributing to that quarterly performance, March was the nameplate's best-ever pure dealer-retail sales month.
Broad showroom attention driven by appropriate sales support and advertising through the quarter led to sales success across the brand, with Outlander Sport, Eclipse Cross and Mirage all showing well. Mirage has ceased production, and dealer inventory continues to sell down.
Tesla Stock Nosedives in Q1
Tesla, Inc. experienced a dramatic 36% drop in its stock value during the first quarter of the year, the most significant decline since a 54% plummet in late 2022. This downturn coincides with CEO Elon Musk's involvement in the Trump administration and escalating global tensions affecting the electric vehicle manufacturer.
The sharp decrease has erased over $460 billion from Tesla's market capitalization. The timing overlaps significantly with Musk's tenure as head of the newly formed Department of Government Efficiency (DOGE), which claims to have cut $140 billion in federal spending—a figure dwarfed by Tesla's market cap loss in the same period.
"My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. This is a very expensive job,” Musk said at a rally in Green Bay, WI.
Under Musk's leadership, DOGE has faced scrutiny for its reported inaccuracies and unverified claims of savings. Concurrently, Tesla grapples with adverse effects from Trump's automotive tariffs and decreasing vehicle sales, intensifying the company's challenges.
Adding to investor concerns, Musk's promise of launching a driverless ride-hailing service in Austin by June has been met with skepticism. Analysts doubt the feasibility of converting existing Tesla vehicles into robotaxis with a simple software update, especially as Musk recently admitted that a hardware upgrade would be necessary.
