Toyota Motor has raised its operating profit forecast for the year ending 31 March 2024 to JPY4.9 trillion (US$33bn) from JPY4.5 trillion expected previously.

That was well above an average analyst forecast of JPY4.6 trillion, Reuters reported.

Operating profit for the third quarter to 31 December 2023 was JPY1.68 trillion, beating the average JPY1.3 trillion profit estimate in a poll of nine analysts, the report said.

Hybrid sales soared 46%, contributing to an 11% rise in overall vehicle sales while a
weaker yen, down around 10% against the dollar since the end of 2022, bolstered global sales, Reuters said.

Toyota CFO Yoichi Miyazaki has said efforts to adjust production to better respond to demand for popular models had helped the automaker sell vehicles without resorting to the usual discounts and incentives, Reuters noted.

North America, the biggest market by volume, saw the strongest growth at 28%.

Home market Japan saw sales grow just 5% but reported the highest earnings and margin among its major markets.

Reuters said Japan contributed two thirds of Toyota's quarterly profit and generated a 20% operating margin, well above the company's overall margin of 14% and North America's 3.4%.