Toyota says its profit more than doubled to 777 billion yen, or $ 7 billion, as it recovered from the Japanese automaker’s sales epidemic in the previous quarter.
Toyota Motor Corp made a profit of 327 billion yen in January-March 2020. The company said quarterly sales were up 11% to about 7.7 trillion yen ($ 71 billion), up from 6.9 trillion yen a year earlier.
The epidemic has affected sales and demand in many businesses, but Toyota has shown resilience, riding a global shortage of semiconductors, which has slammed many automakers.
In the fiscal year ended in March, Toyota’s profits rose 10% to 2.25 trillion yen ($ 20.6 billion) from the previous year’s 2.04 trillion yen. Sales for the fiscal year were down nearly 9% to 27 trillion yen ($ 248 billion).
Cost-cutting efforts helped keep it in the black, said the manufacturer of the Prius Hybrid and Lexus luxury models, which are located in the city of Toyota, central Japan.
Toyota is forecasting a gain of 2.3 trillion yen ($ 21 billion) in sales and 30 trillion yen ($ 276 billion) in sales for the fiscal year until March 2022. The company expects vehicle sales to recover in both Japan and abroad.
Toyota and Lexus brand vehicle sales are estimated at 9.6 million vehicles for this financial year, up from about 9.1 million units for the previous fiscal year.
The company said it expected to sell 2.8 million electric vehicles, 130% more than a year earlier.
Toyota’s strong China sales are supporting its bottom line, as the company aggressively boosts EVS sales, Roman Shure in Fitch Ratings said in a recent comment.
Operating officer Kenta Cohn told reporters that despite the dent in sales from the epidemic, there was a decrease in demand towards the latter half of the fiscal year.
Toyota said in a statement that it had learned to respond to crises, particularly to encourage prompt action on the ground, learning from experiences during the global financial crisis, earthquakes in 2011, tsunamis and nuclear disasters in northeast Japan, and later in Thailand Due to floods. year.
The company said that despite recent COVID-19 infections in Japan, it is set to remain black.