Toyota full-year profit beats forecastGROWTH AHEAD: The auto titan expects net profit this fiscal year to increase 5% on improvements in semiconductor supply and the efforts of its production sitesAFP, TOKYOTop-selling automaker Toyota Motor Corp yesterday said that its full-year net profit beat expectations, and projected better sales and revenue for the year ahead as supply chain disruptions ease. The Japanese firm reported ￥2.45 trillion (US$18.12 billion) in net profit for the fiscal year ended March, down 14 percent from a year earlier, but better than its projections of ￥2.36 trillion. China is one of the world’s largest auto markets, with about 30 million vehicles sold annually, and it is pivoting rapidly to EVs. That means the question of how Japanese automakers, including Toyota, would “retake their competitive lead in China” is of “paramount importance,” Takada said. Sato said that Toyota is committed to China’s EV market, while insisting hybrid demand would remain strong.

Source: Taipei Times May 11, 2023 00:37 UTC