Japanese automotive large says internet revenue reached 4.94 trillion yen ($31.9bn) within the yr to March.
Toyota has reported file revenue and gross sales figures on the again of the weak yen and robust demand for hybrid automobiles.
The Japanese automotive large mentioned on Wednesday that it netted a file 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 revenue.
International gross sales topped 10.3 million items, an all-time excessive, buoyed by robust demand within the dwelling market and in North America and Europe.
Gross sales of hybrid automobiles jumped 31 p.c to three.7 million items.
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 practically 28 p.c attributable to 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 to be able to firmly defend the provision chain from a perspective of sustainable progress,” Toyota CEO Koji Sato mentioned at a information convention after the discharge of the outcomes.
“The most recent outcomes present that our efforts have borne fruit, however we want [to] continue to grow with the imaginative and prescient to turn 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 gradual to embrace absolutely electrical automobiles.
Toyota offered simply 116,500 absolutely 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 the US 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.
