Toyota Motor has announced its first-quarter results, demonstrating impressive growth and exceeding market expectations. Here are the key highlights:
Net Profit Soars
Toyota’s net profit for the quarter ended June 30 surged by 78% from the previous year, reaching an impressive 1.311 trillion yen ($9.22 billion). This figure surpasses the estimated net profit of Y793.85 billion based on a poll of analysts conducted by Quick.
Revenue Surpasses Expectations
First-quarter revenue showed a remarkable increase of 24% from the same period last year, amounting to Y10.547 trillion. This result exceeded the estimated revenue of Y9.759 trillion from the Quick poll.
Positive Margin Growth
Despite facing higher material costs, Toyota managed to improve its first-quarter operating-profit margin to 10.6% from 6.8% compared to the previous year. This positive outcome was attributed to sales growth, higher car selling prices, and the impact of a weaker yen.
Surge in Electric Vehicle Sales
The quarter witnessed a significant rise in the sales of electric vehicles (EVs) for Toyota and Lexus. EVs, including hybrid cars, accounted for 34.2% of all cars sold in the first quarter, up from 28.5% in the previous year. Notably, Toyota sold approximately 29,000 units of battery electric vehicles, reflecting a substantial increase from about 4,000 units sold the previous year. These figures far exceed Toyota’s own forecast of approximately 202,000 units set to be sold this fiscal year.
Steady Guidance for the Future
Toyota has maintained its forecasts for sales volume, revenue, and net profit for the fiscal year ending March 2024. The company expects to achieve group vehicle sales of 11.4 million units, including those of its subsidiaries Daihatsu Motor and Hino Motors. Additionally, revenue is projected to increase by 2.3% to Y38.000 trillion, while net profit is expected to rise by 5.2% to Y2.580 trillion.
Toyota’s strong first-quarter performance showcases its ability to navigate challenges and sustain growth in the ever-evolving automotive industry.
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