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The acceleration of post-Covid demand and the depreciation of the yen will push Toyota’s profits to record levels in the fiscal year ended in March. The net result of the world’s largest car manufacturer stands at 4,940 billion yen, equal to 29.6 billion euros. Operating profit was 5,352 billion (32 billion euros), improved by approximately 96%, on total revenues of 45,095 billion yen (approximately 300 billion euros). The vehicles sold were 9.44 million (+7%), while considering Toyota and Lexus they were 10.3 million (+7.3%).
For the current fiscal year, however, the automaker estimates a profit slowdown of 27.8% to 3,570 billion yen and total sales of 10.95 million units, down slightly from the 11 million recorded in the previous fiscal year.
A few weeks ago the Japanese giant had in fact announced a decline in global sales especially due to the slowdown in China and on the domestic market: the collapse in demand in Japan, in particular, is the result of the scandal on tampering with safety tests which overwhelmed the controlled by Daihatsu (Lexus and Hino are also part of the group).
Chief Executive Koji Sato, who took over from President Akio Toyoda last year, has focused on containing the fallout and regaining customer trust.
The company also announced a buyback plan of up to 1 trillion yen, or approximately 3%, of its shares.
