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
Deadline for businesses to apply for their share of massive credit card company settlement looms
NEW YORK (AP) — A deadline is looming for millions of businesses who may be entitled to a payout in2024-05-08Oscar winner David Seidler dies while fly
David Seidler Photo: AFP2024-05-08Department of Conservation set to lose scientific expertise in job cuts
The fairy tern is among New Zealand's the country's most endangered birds. Photo: Supplied / Darren2024-05-08Opportunities Party leader Raf Manji resigns
Photo: RNZ / Katie Todd2024-05-08PGA Championship invites 7 LIV players to get top 100 in the world
The PGA Championship officially has Tiger Woods in a field released Tuesday that includes invitation2024-05-08'And so it begins': Inside Parliament during the uneasy transition of government
By Glenn McConnell of2024-05-08
atest comment