Akio Toyoda

In 2023, Akio Toyoda stepped back from day-to-day leadership of the company his grandfather founded, but he still holds an immense amount of sway at the automaker that sold more cars than anyone else last year. His decision to bet on hybrid vehicles instead of electric is paying dividends: Toyota sold 4.1 million hybrid vehicles in 2024, a steady increase from 2023’s 3.4 million. But now Toyota and its chair face a new challenge: U.S. President Donald Trump and his drive to use tariffs to bring car manufacturing back home. Investors are now keenly watching Toyota for signs of how a new trade war will hurt Japan’s auto industry—responsible for one in 10 jobs.