Toyota nearly doubles its first quarter profit, thanks to increased sales and productivity as well as a weaker yen
nearly doubled its operating profit in the first quarter, the Japanese automaker said on Tuesday, helped by increased sales and productivity as well as the tailwind from the weaker yen.
The world's top-selling automaker said operating profit for the three months through June totalled 1.12 trillion yen , an increase of 94% from a year earlier, beating the average 945.22 billion yen profit estimate in a poll of 10 analysts by Refinitiv.Toyota maintained its forecast for a 3.0 trillion yen profit for the current year, as the conditions it faced had not changed greatly from three months earlier.
If it does not realise its plan, Toyota risks missing out on a rapid shift to electric vehicles in especially China, where the rise of local competitors and price cuts by TeslaFILE PHOTO-Employees work on the Yaris car assembly line at the Toyota Motor Manufacturing France plant in Onnaing near Valenciennes, France, March 30, 2023. REUTERS/Pascal Rossignol/File Photo
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