Toyota Motor Corp.’s quarterly profit exceeded estimates as improvements in supplies of semicondcutors and a cheap yen helped the carmaker capitalize on a global rebound in demand for new vehicles.
Operating profit for the period ended June was a record ¥1.1 trillion ($7.7 billion), the world’s No. 1 carmaker said in a statement Tuesday. Analysts had projected ¥880 billion. Toyota kept its outlook for operating income for the fiscal year to March 2024 intact at ¥3 trillion.
Demand for automobiles is staging a robust recovery from the pandemic downturn, helping global carmakers boost production and raise prices. Toyota produced and sold a record number of vehicles in June, the company said last week. The carmaker is on track to increase production between August and October, according to recent reports.