Toyota has raised its annual operating profit outlook even though its income in the three months to December fell short of estimates due to a downturn in global sales and production, indicating that it sees activity picking up at a faster pace later.
The world’s biggest carmaker now expects a profit of ¥4.7 trillion ($31 billion) for the fiscal year ending March, up from its previous forecast of ¥4.3 trillion, according to a statement Wednesday. Analysts are projecting, on average, ¥4.8 trillion as robust demand for gas-electric hybrids in the United States makes up for weaker sales in Japan and China.
Toyota sold 10.8 million cars in 2024, a slight drop from the 11.2 million it delivered in the previous year but enough to protect its position as the world’s top carmaker, ahead of Volkswagen, for a fifth straight year. Although Tesla, China’s BYD and others are taking the lead in selling battery-powered electric vehicles (EVs), Toyota has taken a different approach by maintaining its focus on churning out gasoline and hybrid vehicles.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.