TOKYO (AP) — Toyota doubled its net profit in the fiscal year that ended in March, as strong vehicles sales and a favorable exchange rate lifted results for Japan’s top automaker.
Toyota Motor Corp.'s annual profit totaled 4.9 trillion yen ($31.9 billion), up from 2.45 trillion yen the year before, while its sales jumped 21% to 45 trillion yen ($290 billion), the company said Wednesday.
The results exceeded Toyota’s own projection for a 4.5 trillion yen ($29 billion) profit, as its global sales surged to 9.4 million vehicles from 8.8 million vehicles in the previous fiscal year.
Sales of hybrids performed well, although Toyota stressed it was working hard to offer various kinds of electric vehicles, including battery EVs, plug-ins and fuel cell models.
A weak yen worked as a big plus for Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models. The U.S. dollar cost an average of 145 Japanese yen during the last fiscal year, up from 135 yen in the year before, according to Toyota.
Joe Burrow is throwing again as the Bengals' franchise QB rehabs his surgically repaired wrist
Palestinian death toll in Gaza rises to 34,388: Ministry
NE China bay sees increasing migratory harbor seals
South China Sea: US, Australian and Philippine forces sink a ship during war drills
Stocking up on the pick and Little Mix? Jesy Nelson, 32, turns heads in a smiley
China, Cambodia to move forward in building high
Palestinian death toll in Gaza rises to 34,388: Ministry
Investing in China is a superior option for multinationals