Asia’s biggest automaker also boosted its projection for vehicle sales. Toyota’s Japanese rival Honda Motor Co. also last week raised its profit forecast for the year because of the reduction in tax rates. While boosting sales of the RAV4 SUV, Toyota also retained its status as the maker of America’s best-selling car last year with the redesigned Camry. Toyota raised its forecast for North American sales this fiscal year to 2.81 million vehicles from 2.79 million. Toyota projects research and development spending at a record 1.06 trillion yen this fiscal year, even as it cuts costs in other areas.

Source: Mint February 06, 2018 13:41 UTC