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
Met Gala 2024: Doja Cat boldly dons massive wet T
Doja Cat is known for pushing the envelope as an artist and Guram Gvasalia has been known for the s2024-05-08Michael Sheen comically reveals how he broke his toe at a gym in LA
Michael Sheen has comically revealed how the moment he broke his toe at a gym led to a surprise meet2024-05-08Geena Davis, 68, puts on a leggy display in thigh
Geena Davis looked every inch the glamorous movie star as she hit two red carpet events in Las Vegas2024-05-08Which celebs have had the 'Biden facelift'? Top plastic surgeons spill all
Top plastic surgeons have revealed the celebrities who've had the same facelift President Joe Biden2024-05-08Gynaecologist who sterilised a female patient without her consent while she was undergoing a C
A consultant gynaecologist who sterilised a new mother without her permission while in a middle of a2024-05-08On a wing and a prayer! Watch the nail
Incredible new footage has revealed the nail-biting moment hundreds of baby penguins jumped off a 502024-05-08
atest comment