Toyota sees record net profit for full fiscal year
TOKYO: Japanese car giant Toyota revised its earnings forecast on Tuesday, saying it expected to see a record global sales and a weaker yen.
The East Asian nation’s top car of 2.4 trillion yen ($22 billion) up from its November estimate of 1.95 trillion yen.
Annual sales are now forecast at 29 trillion yen, up from an earlier projection of 28.5 trillion, the Prius maker said.
In May, the company announced cost of customer incentives in the key US market.
to 2 trillion yen for the nine months to December, on sales of 21.8 trillion yen which were up 8.1 percent.
“So far, foreign exchange has been a positive factor for the Japanese auto industry, but it’s hard to predict if the impact will continue This May 10, 2017 file photo shows a woman walking under the Toyota logo at a showroom of Japan’s auto giant in Tokyo. as the yen has recently become strong,” said Satoru Takada, an analyst at Tokyo-based research
“Foreign exchange will remain a decisive factor for the industry,” he told Agence France-Presse before the announcement.
against major currencies on rising demand for the safe- haven currency as global markets were routed following a stellar 2018 and on worries about further hikes in US interest rates this year.
Toyota said global sales for the nine months edged up slightly from a year earlier to 7.85 million units.
- tic and European markets showed moderate gains for the period.
America more than halved, because of a decline in sales, as well as swelling incentives.
“Sales incentives are pressuring - ica, where Toyota is still struggling to catch up with growing demand for sports utility vehicles and pickup trucks,” Takada said.
Japan’s auto industry is facing uncertainty over US President Donald Trump’s drive to support American - ning fears of a global trade war.
Smaller rival Honda Motor last Friday nearly doubled its annual citing strong growth in the sales of its cars and motorcycles, as well as US corporate tax cuts.
For the nine months to Decem 82.8 percent from a year earlier to 951.6 billion yen.
Nissan is scheduled to report its nine-month results on Thursday. It has downgraded its annual damaging inspection scandal in its domestic market.