Staff Writer
As sales increased and component shortages caused by the coronavirus epidemic subsided, Toyota’s profit for the first fiscal quarter increased to 1.3 trillion yen ($9 billion), setting a quarterly record for Japan’s largest automaker.
Toyota Motor Corp. stated Tuesday that its net profit for the months of April through June increased 78% over the same period last year. Vehicle sales increased on-year in all key regions, including Japan and North America, to push quarterly sales up 24% to 10.5 trillion yen ($74 billion).
Although it’s uncertain when it will be fully resolved, the issue in procuring computer chips that has hampered auto production in recent years has reduced, according to Toyota.
Vehicle sales for the quarter totaled 2.3 million, up from 2 million the year before. Its hybrid versions saw particularly high demand. Toyota has long been a pioneer in hybrid vehicles, which alternate between a gas engine and an electric motor to achieve improved efficiency.
The manufacturer of the Prius hybrid, Camry sedan, and luxury Lexus models claimed that sales of battery-electric vehicles were progressing well.
Toyota sold 29,000 electric vehicles during the quarter, an increase from the 4,000 sold during the same time last year.
Koji Sato, who succeeded Akio Toyoda as CEO earlier this year, has pledged to make a strong push toward electrification. He acknowledged that Toyota was behind in the development of electric vehicles but emphasized that it will soon catch up.
On the basis of 38 trillion yen ($267 billion) in revenue, up 2% from the prior fiscal year, Toyota reaffirmed its annual prediction of earnings of 2.58 trillion yen ($18 billion), up 5%.
In Tokyo trade, Toyota shares increased by more than 2%.
