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.
Anguish as Kenya's government demolishes houses in flood
Masterful meals: Masterchef 2010 champion Dhruv Baker's cherry and hazelnut chocolate roulade
David de Gea jokingly asks 'who' as he responds to former Man United team
China to expedite building modern eco
Jersey Shore: Family Vacation: Sammi 'Sweetheart' Giancola and Ronnie Ortiz
I refused to accept my neighbour's parcel
2024 NHL draft lottery: Sharks win right to No. 1 pick for 1st time in team history
Emily Ratajkowski keeps it comfy in gray sweatpants and hoodie as she catches ride in NYC
Stars quickly go from tight series over reigning Cup champ to big
'The more, the merrier!' Mother of Princess Beatrice's stepson says she is still close with her ex