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TOKYO (AP) — Toyota’s profit in the July-September period nearly tripled from a year earlier, as vehicle sales rose internationally and a weak yen boosted the Japanese automaker’s overseas profits.
Toyota Motor Corp. reported a quarterly profit of 1. 28 trillion yen ($8. 5 billion) on Wednesday, up from 434 billion yen a year earlier. Quarterly sales rose 24% to 11. 43 trillion yen ($75. 7 billion) from 9. 22 trillion yen.
A reasonable yen is an advantage for Japanese export giants like Toyota, as it expands the price of their earnings when they are exchanged for the yen. The U. S. dollar traded at around 145 Japanese yen in the last quarter, up from 138 yen. It has been trading above 150 yen. yen lately.
The maker of the Camry sedan, Prius hybrid and Lexus luxury models raised its profit forecast for the March 2024 fiscal year to 3. 95 trillion yen ($26 billion), up from the previous forecast of 2. 5 trillion yen.
The forecast, if met, marks an improvement from last year’s profit of 2. 45 trillion yen and will be a record for Toyota.
Toyota expects its vehicle sales to rise in peak primary regions, officials said. Toyota vehicle sales between July and September increased year-over-year in the U. S. It is located in the U. S. , Europe, Japan and the rest of Asia, totaling more than 2. 4 million cars worldwide. , up from 2. 1 million the previous year.
Toyota kept its forecast of selling 11. 38 million cars for the full fiscal year unchanged worldwide.
Toyota has stated that it is lagging behind in battery-electric cars compared to its main competitors, such as U. S. electric vehicle maker Tesla and China’s BYD. Toyota has recently unveiled concepts that reflect its preference for catching up.
Earlier this week, Toyota announced it would invest another $8 billion in the battery plant for hybrid and electric vehicles it is building in North Carolina, more than double its previous investments.
The new investment is expected to create another 3,000 jobs, for a total of more than 5,000 jobs when its first U. S. automotive battery plant opens in the U. S. The U. S. Centers for Disease Control and Prevention is expected to become operational near Greensboro in 2025.
The plant is designed to be Toyota’s number one production of lithium-ion batteries in North America and will be a key supplier to the Kentucky-based plant that is building its first American-made electric vehicles.
Toyota sold fewer than 25,000 electric vehicles worldwide last year, in the first eight months of this year it sold 65,000, mostly in Japan. Toyota is targeting sales of 1. 5 million electric vehicles by 2026 and 3. 5 million by 2030.
PC chip shortages brought on by social restrictions similar to the coronavirus pandemic had already strained the supply chain and hurt Toyota’s sales, but this has eased.
Fuel-guzzling vehicles are becoming increasingly popular in markets due to environmental concerns. In addition to battery electric vehicles, Toyota is also focusing on other types of environmentally friendly vehicles, such as hydrogen fuel cells and electric-powered hybrids. engine and a fuel engine.
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Hannah Schoenbaum of Raleigh, North Carolina, contributed to this report. It’s on X, Twitter, https://twitter. com/H_Schoenbaum
Yuri Kageyama is on X, Twitter, https://twitter. com/yurikageyama