Headquarters of Toyota Motor Corp
16:05 JST, May 8, 2024
Tokyo, May 8 (Jiji Press) – Toyota Motor Corp. said Wednesday that the group’s operating profit for fiscal 2023 rose 96.4 percent from the previous year to ¥5,352.9 billion, surpassing ¥5 trillion for the first time.
Toyota became the first Japanese company to report an annual operating profit of more than ¥5 trillion.
In the fiscal year ended in March, the leading Japanese automaker’s net profit nearly doubled to a record high of ¥4,944.9 billion, close to the Japanese company’s all-time high of ¥4,987.9 billion recorded by SoftBank Group Corp. in the year up to and including March. 2021.
Toyota’s sales rose 21.4 percent to ¥45,095.3 billion, also a new record.
The rosy gains were driven by robust sales of hybrid vehicles, mainly in the North American and European markets, and by the yen remaining weak throughout the fiscal year.
Toyota’s global car sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 5.0 percent to 11.09 million units, below the group’s original sales plan of 11.38 million units, due to Daihatsu’s safety test cheating scandal and fierce competition in the Chinese. market.
For the 2024 fiscal year, which ends in March next year, Toyota expects operating profit to fall 19.7 percent to ¥4.3 trillion, net profit to fall 27.8 percent to ¥3.57 trillion and revenue will rise 2.0 percent to ¥46 trillion. Global car sales are expected to fall 1.3 percent to 10.95 million units.
Toyota’s assumed exchange rate was ¥145 to the dollar and ¥160 to the euro for fiscal 2024, up from ¥145 and ¥157, respectively, in fiscal 2023.
