Record net profit from Toyota
Japanese automaker Toyota announced a record annual net profit of 4.94 trillion yen ($31.9 billion), driven by the weak yen against the dollar and rising hybrid demand.
Toyota announced its financial results for the fiscal year ending March 2024.
Accordingly, the Japanese automobile manufacturer’s revenues increased by 21.4 percent in the fiscal year until March compared to the previous fiscal year, reaching 45.1 trillion yen, reaching an all-time high.
With the impact of hybrid demand, the company’s net profit doubled compared to the previous fiscal year and reached 4.94 trillion yen ($31.9 billion).
The company’s global sales reached an all-time high of 10.3 million units, driven by strong demand for hybrid vehicles in North America and Europe.
Toyota’s hybrid vehicle sales, especially the “Prius model”, increased by 31 percent annually to 3.7 million units.
Toyota offered a more measured outlook for the fiscal year ending in March 2025, predicting that profits would fall by 27.8 percent due to investments in “growth areas” such as electric and hydrogen cars and “human capital.”
Toyota estimates that worldwide vehicle sales will decrease by 1.3 percent this year to 10.95 million, but still expects sales revenues to increase by 2 percent to reach 46 trillion yen.