In the fiscal year ending in March, the Japanese automotive giant reported a net profit of 4.94 trillion yen ($31.9 billion), marking a new record. This achievement was driven by the weak yen and the high demand for hybrid vehicles.
Toyota revealed on Wednesday that its net profit surpassed expectations, reaching 4.94 trillion yen, with revenues totaling 45.1 trillion yen. Global sales hit 10.3 million units, reaching an all-time high, fueled by strong demand in Japan, North America, and Europe. Sales of hybrid vehicles saw a 31 percent increase, totaling 3.7 million units.
While the financial results exceeded forecasts, Toyota projected a 28 percent decrease in profit for the current year due to increased investments. The company aims to sell 10.95 million vehicles globally, a slight drop from the previous year.
Toyota’s CEO, Koji Sato, stated that investments are essential for sustainable growth. The company aims to continue evolving as a mobility company while maintaining a firm grip on the supply chain.
Despite criticism for being slow in the electric vehicle market compared to companies like BYD and Tesla, Toyota’s focus on hybrid vehicles has proven successful. With over two dozen hybrid models in its lineup, Toyota remains the world’s largest automaker by sales for the fourth consecutive year.
While acknowledging the rise of electric vehicles, Toyota’s Chairman, Akio Toyoda, expressed skepticism about their dominance in the market, predicting they would likely peak at around 30 percent of sales.