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HomeLatest NewsToyota posts record April-June net profit on yen and rising sales

Toyota posts record April-June net profit on yen and rising sales

Date: June 14, 2024 Time: 17:19:01

The Japanese automobile manufacturer Toyota Motor reached a record net profit of 1.31 trillion yen (8.361 million euros) between April and June, the first quarter of its fiscal year, representing an increase of 78% compared to the previous quarter. same period of 2022, thanks to the impact of favorable exchange rates and the increase in sales. In this period, Toyota’s profit reached 1.12 trillion yen (7,138 million euros), 93.7% more, according to the results announced on Tuesday by the manufacturer based in Aichi (western Japan).

The company’s sales turnover grew by 24.2%, to 10,540 million yen (67,192 million euros). These results mark record figures both in billing volume and in net profit and operating margin for the Japanese firm, according to local media and Efe. The Japanese company, the world’s leading motor manufacturer by market volume, attributed these results to “higher sales figures in all regions” due to increased productivity and greater availability of semiconductors.

Toyota Motor stressed that its good numbers show the efforts made to overcome “numerous challenges, including those derived from covid-19, and production restrictions” due to the lack of key components such as chips or the impact of the war in Ukraine, among other factors. The firm placed 2.32 million vehicles between April and June, compared to 2.01 million the same the previous year, and its most marked increase was found in North America, its main market, where it sold 32% more units.

34% of the cars sold were electric

34.2% of its vehicles sold in the first quarter of the fiscal year were electric, compared to 28.5% the previous year. The company had a positive impact on its accounts of 52,200 million yen (332 million euros) thanks to “gains from currency exchange rates,” it explained in a statement.

The company maintained its forecast of results for the current fiscal year, which will end in March 2024, without changes. Based on these calculations, its sales turnover would grow by 2.3% to 38 trillion yen (242,250 million euros), and its operating profit would increase by 10.1% to 3 trillion yen (19,125 million euros).

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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