Toyota Motor Corporation increased third quarter net income 59.7% to 286.4 billion yen, up from Y179.3 billion in the third quarter of 2002. Operating income increased 11.2% to Y401.6 billion and net revenues for the quarter were Y4.38 trillion, an increase of 8.2%.


TMC executive vice president Ryuji Araki said, “Despite challenging foreign exchange rate conditions, Toyota achieved year-over-year increases in net revenues and income. Our continued growth is mainly due to significant cost reduction efforts as well as the active development of our overseas operations.”


Toyota said that home market demand for new models like the Prius hybrid and Sienta compact minivan remained strong despite difficult market conditions. But its third quarter market share (excluding minivehicles) was up just 0.8% to 44.4%.


Vehicle sales overseas increased 14.7% in the third quarter, to 1.14 million vehicles. North American sales continued to be strong, as new models like the Sienna minivan and redesigned Lexus RX330 SUV contributed to a 28,000-unit increase over Q3, fiscal year 2003.


European sales of 218,000 were up 28.4% in the quarter.


Sales in Asia and other regions improved by 23.8% to 367,000.
 
Global Toyota vehicle sales increased 10.1% or 156,000 to 1.7 million in the third quarter.


TMC has increased its sales forecast for the fiscal year by 80,000 units to 6.65 million vehicles, 540,000 more than in the previous fiscal year.


TMC is forecasting net sales of Y8.8 trillion, ordinary income of Y880 billion and net income of Y560 billion.


“As worldwide sales remain favourable and production lines continue to operate at full capacity globally, we hope to set new records in consolidated income this fiscal year,” Araki said.