American consumers show a strong preference for Japanese cars, with nearly 20% of auto import spending going to Japanese companies. Toyota’s third-fiscal quarter results look promising, but the CEO may be on his way out due to the performance. Despite strong sales, tariffs are expected to cost Toyota billions.

GM, Toyota, Ford, Hyundai, and Honda report their vehicle sales and market share percentages. Toyota expects to sell 9.75 million units this fiscal year, with North America being the only region to incur a loss. The company plans to invest in U.S. manufacturing to increase hybrid capacity for the Corolla.

Toyota’s CEO will step down on April 1, replaced by the CFO. The new CEO will focus on internal company management, while the outgoing CEO will handle broader industry issues. Despite concerns about falling margins, Toyota’s strong third-quarter performance leads to a rise in shares.

Read more at Yahoo Finance: Toyota makes seismic leadership change as tariffs eat into profits