A roundup of Q2 financial results from several companies, including Victory Capital Holdings, Alamo Group, TaskUs, Xpel, Clear Channel Outdoor, Rackspace Technology, Usio, Toyota Motor Corp., Six Flags Entertainment Corp., United Parks & Resorts, and Leidos Holdings. Victory Capital saw strong growth due to the acquisition of Amundi, with revenue and profit rising significantly. Alamo Group reported solid performance driven by strong demand in industrial equipment. TaskUs posted profit and revenue growth, with plans to go private by year-end. Xpel set a revenue record, with notable growth in China. Clear Channel Outdoor turned profitable after selling its Brazil operations. Rackspace continued its string of quarterly losses despite improving operating profit and revenue. Usio posted a loss due to declining prepaid card revenue and lowered guidance. Toyota reported a significant hit to profits from tariffs, reducing its full-year forecast. Six Flags reported a large loss due to weather-related attendance drops. United Parks & Resorts saw declining profit and revenue despite attendance growth. Leidos exceeded expectations with strong revenue and profit growth, driven by defense contracts.

The global hydrogen bus market was valued at US$1.68 billion in 2024 and is projected to reach US$13.21 billion by 2032, growing at a compound annual growth rate (CAGR) of 29.4% from 2025 to 2032. The market encompasses buses powered by hydrogen fuel cells, offering a zero-emission alternative to diesel. In March 2025, a U.S. transit agency announced a $120 million investment to deploy 150 hydrogen fuel cell buses in California by 2026. In Japan, Toyota and Daimler have finalized a $6.4 billion merger between their Japanese heavy vehicle units—Toyota's Hino Motors and Daimler's Mitsubishi Fuso Truck and Bus—to strengthen hydrogen technology investments and decarbonize the trucking sector. Key players include Hyundai Motor Company, Ballard Power Systems, Toyota Motor Corporation, Daimler-Motoren-Gesellschaft, Wrightbus, Solaris Bus & Coach, New Flyer, BYD, Iveco, and Nel Hydrogen. The market is segmented by bus type, technology, power output, application, and end-user, with significant regional presence in North America, Europe, Asia-Pacific, and other regions. The report uses primary and secondary data, analyzing regulatory, technological, and competitive factors to provide strategic insights.

Chinese electric vehicle (EV) manufacturers, including BYD, Wuling, Chery, and Beijing Auto Works, are intensifying competition in Indonesia and Thailand, the region's top two auto markets. Government incentives in both countries are boosting EV adoption, but Japanese automakers, which dominate the hybrid vehicle segment, are losing market share due to aggressive pricing and product expansion by Chinese rivals. Wuling's EV market share in Indonesia fell from 41% in 2023 to 30% in 2024 after losing customers to BYD. In Thailand, BYD captured a 40% share of the EV market in 2024 and ranked fourth in total vehicle sales by June 2025 with a 7.8% share, surpassing Mitsubishi Motors. Japanese automakers' market share in Thailand dropped from 92.3% in 2010 to 70.6% between January and June 2025. Both countries offer subsidies up to 150,000 baht per EV sold for companies establishing new EV production bases. Despite Toyota's plans to begin EV production in both countries by the end of 2025, Japanese automakers remain behind in EV rollout due to limited government support for hybrids and slower product development.

Chinese automakers, including SAIC-GM-Wuling, Chery, and Beijing Auto, are intensifying competition in Indonesia and Thailand's electric vehicle (EV) markets, driven by government incentives. In Indonesia, Wuling lost market share from 41% in 2023 to 30% in 2024 due to competition from BYD, which captured a 40% share in Thailand's EV market. EV sales in Indonesia rose to 43,000 units in 2024, representing 5% of total vehicle sales, hindered by inadequate charging infrastructure. In Thailand, EV sales reached 10% of total vehicle sales in 2024, with BYD achieving a 7.8% share in the first half of 2025, surpassing Mitsubishi. Japanese automakers, once dominant with 92.3% market share in Thailand in 2010 and 90% in Indonesia in 2024, now face declining presence due to Chinese competition and limited government support for hybrid vehicles. Japanese companies are expanding hybrid offerings but remain behind in EV market entry, with Toyota planning EV production in both countries by year-end.

Toyota Motor Company chairman Akio Toyoda has expressed skepticism toward battery electric vehicles (BEVs), stating that they require a complete infrastructure ecosystem to be viable. He highlighted that one billion people globally lack access to electricity and argued that a single BEV option cannot meet transportation needs in those regions. Toyoda predicted that BEVs will represent only 30% of the global vehicle market, with the remaining 70% consisting of hybrid electric vehicles (HEVs), fuel cell vehicles (FCEVs), and internal combustion engine cars. He emphasized that vehicle choice will be driven by customer preferences and market dynamics, not regulatory or political pressure. Toyota currently offers 12 hybrid models, two plug-in hybrids, the bZ4X EV, and the Mirai hydrogen-powered vehicle, and is ranked second behind Tesla in consumer perception of sustainability.