Toyota racks up booming profit, vows to invest to keep growth going
TOKYO (AP) — Toyota doubled its net profit in the fiscal year that ended in March, as strong vehicles sales and a favorable exchange rate lifted results for Japan’s top automaker.
Toyota Motor Corp.'s annual profit totaled 4.9 trillion yen ($31.9 billion), up from 2.45 trillion yen the year before, while its sales jumped 21% to 45 trillion yen ($290 billion), the company said Wednesday.
The results exceeded Toyota’s own projection for a 4.5 trillion yen ($29 billion) profit, as its global sales surged to 9.4 million vehicles from 8.8 million vehicles in the previous fiscal year.
Sales of hybrids performed well, although Toyota stressed it was working hard to offer various kinds of electric vehicles, including battery EVs, plug-ins and fuel cell models.
A weak yen worked as a big plus for Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models. The U.S. dollar cost an average of 145 Japanese yen during the last fiscal year, up from 135 yen in the year before, according to Toyota.
Related articles
Apple debuts divisive new 'Ozempic iPad' Pro to mixed reaction
Social media is calling Apple's new tablet the 'Ozempic iPad' Pro, after the tech giant revealed it2024-05-09Thierry Henry blames Declan Rice for Bayern Munich's opener at the Emirates
Thierry Henry believes that Declan Rice shoulders the blame for the concession of Arsenal's first go2024-05-09How DO you deal with a problem like Gary Lineker?
Of all the in-trays in all the world, the one you wouldn't necessarily like sitting on your desk rig2024-05-09- If you had offered David Moyes a draw at kick-off, he would most certainly have taken it. If you had2024-05-09
Closing prices for crude oil, gold and other commodities
Benchmark U.S. crude oil for June delivery fell 10 cents to $78.38 per barrel Tuesday. Brent crude f2024-05-09- Chris Sutton and Ian Ladyman were unable to reach an agreement on who should be crowned the Premier2024-05-09
atest comment