Japanese automobile big says internet revenue reached 4.94 trillion yen ($31.9bn) within the yr to March.
Toyota has reported report revenue and gross sales figures on the again of the weak yen and powerful demand for hybrid automobiles.
The Japanese automobile big mentioned on Wednesday that it netted a report revenue of 4.94 trillion yen ($31.9bn) within the yr to March on revenues of 45.1 trillion yen, double the earlier yr’s earnings.
World gross sales topped 10.3 million models, an all-time excessive, buoyed by sturdy demand within the house market and in North America and Europe.
Gross sales of hybrid automobiles jumped 31 p.c to three.7 million models.
The monetary outcomes far exceeded an organization forecast in February of a 4.5 trillion yen internet revenue on revenues of 43.5 trillion yen.
Toyota supplied a extra sober outlook for the present yr, estimating revenue would fall almost 28 p.c as a consequence of elevated funding.
The carmaker goals to promote 10.95 million automobiles worldwide this yr, down 1.3 p.c from 2023.
“We’ll make investments so as to firmly defend the availability chain from a perspective of sustainable development,” Toyota CEO Koji Sato mentioned at a information convention after the discharge of the outcomes.
“The newest outcomes present that our efforts have borne fruit, however we’d like [to] continue to grow with the imaginative and prescient to change into a mobility firm,” Sato added.
Whereas Toyota blazed a path within the hybrid house with the discharge of the Prius in 1997, it has confronted criticism for being sluggish to embrace totally electrical automobiles.
Toyota bought simply 116,500 totally electrical automobiles in 2023, whereas China’s BYD and Tesla shifted about 1.6 million and 1.8 million, respectively.
However, Toyota’s hybrid-first technique has paid dividends during the last yr amid falling demand for electrical automobiles in america and Europe.
Regardless of falling behind Tesla and BYD within the electrical automobiles house, Toyota, which gives greater than two dozen hybrid fashions, has held the title of the world’s largest automaker by gross sales for 4 straight years.
In January, Toyota Chairman Akio Toyoda expressed scepticism that battery electrical automobiles would ever dominate the market, predicting they’d peak at about 30 p.c of gross sales.
