Toyota more than doubled its Q2FY profit and has raised its full-year outlook. The company’s positive financial results were underpinned by a weaker yen and the impact of higher sales. Sales of hybrids jumped 41% to 888,000 vehicles in the quarter to the end of September.
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Toyota reported a record operating profit of 1.44 trillion yen (around $9.5 billion) in the three months to end-September, a 156% increase from a year earlier. Sales revenues in the period were up to 11.4 trillion yen, some 24% ahead of last year.
For the first half of the fiscal year, Toyota consolidated vehicle sales were 4.74m units, 14.1% ahead of the period in the previous year. Toyota sales volume increased in all regions. The company also said increased the sales of electrified vehicles, mainly HEVs, with electrified vehicles constituting 35.3% of total sales.
As far as the FY2024 forecast goes from the company, the unit sales forecast is unchanged – with consolidated sales projected at 9.6m units. As for the regional sales breakdown, it said Asia will decrease reflecting the uncertainty in markets such as China, Thailand and Vietnam. However, Toyota expects an increase in North America and other regions where a robust market is expected, and in Europe ‘where we expect a recovery in supply’.
Toyota’s forecasts for the full-year consolidated financial performance have been revised upwards resulting in:
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By GlobalData- Sales revenue of 43 trillion yen (was 38 trillion yen)
- Operating income of 4.5 trillion yen (was 3 trillion yen)
- Income before income taxes of 5.5 trillion yen (was 3.7 trillion)
- Net income of 3.95 trillion yen (was 2.58 trillion yen)
