Japanese auto giant Toyota posts record net profit
Toyota reported record annual net profit of more than $30 billion on Wednesday but the world's largest automaker by sales warned that the current year would be less spectacular.
Helped by a weak yen and strong hybrid vehicle sales, the Japanese giant's bottom line doubled to 4.94 trillion yen ($31.9 billion) in the year to March while revenues rose 21.4 percent to 45.1 trillion yen, also an all-time high.
«Under the banner of 'carbon is the enemy', Toyota has done what it can to achieve carbon neutrality and make hybrid cars more prevalent,» said chief financial officer Yoichi Miyazaki.
«Since the debut of the Prius model, that effort has gradually paid off, creating the perception even in the American market that hybrids are the main player,» Miyazaki told reporters.
For this year it expects net profit of 3.57 trillion yen, down 27.8 percent, because of investments in "growth areas" such as electric and hydrogen cars, as well as in «human capital».
Sales will rise 2.0 percent to 46 trillion yen.
«We have to accept that there are certain areas where we're significantly behind China… But as a Japanese company fighting in the auto industry, we know we cannot let this lead widen further. We're going to think about how to pull off a game-changer,» Miyazaki said.
Toyota last month said it sold 11.1 million vehicles across all brands in the 2023-24 fiscal year, up five percent and the first time they have exceeded 10 million.
A big factor was a 31-percent
