Toyota raises full-year profit forecast to record high

Toyota Motor on Tuesday lifted its net profit forecast for the year ending March to a record 4.5 trillion yen (30.3 billion U.S. dollars), amid robust post-pandemic demand and the yen's weakness, reported Xinhua.

The upward revision for fiscal 2023 marked an 83.6 percent rise from the previous year. The Japanese automaker had formerly forecast a full-year net profit of 3.95 trillion yen.

Sales are now projected at a record 43.5 trillion yen, up 17.1 percent compared to the November estimate of 43 trillion yen, Toyota said.

Toyota also reported a net profit of 3.94 trillion yen for the April-December period, up 107.9 percent on year amid strong sales of hybrid cars at 34.02 trillion yen, up 23.9 percent, both record highs for the period.

For the nine months that ended Dec. 31, Toyota sold 8.56 million cars globally, up 8.6 percent from a year earlier.