The latest figure for fiscal 2023 represents an 83.6 percent rise from the previous year. Sales are now forecast at a record
The upward revisions came even as the Toyota group cut its annual sales volume forecast to 11.23 million units from 11.38 million, affected by recent quality scandals involving group firms
The group firms were found to have rigged data for safety and engine output tests, resulting in a shipment halt of some Toyota cars. Auto analysts have said workers at those companies were under pressure to keep up with
"It's been a short-distant sprint, and some suppliers were feeling strained," Toyota Executive Vice President
For 2023, the Toyota group sold a record 11.23 million vehicles, topping the global auto sales ranking for the fourth consecutive year by beating
A weaker yen has also helped boost its overseas profits and increase the price competitiveness of its products abroad, Toyota said, adding that price hikes for its cars improved its profit margin.
Toyota expects the
Every
Despite the quality issues, Toyota posted stellar results for the nine months ended December as it ramped up production worldwide to respond to pent-up demand following the coronavirus pandemic.
Its April-December net profit more than doubled to
For the nine months ended
"Sales of hybrid cars are on the rise in all the regional segments," Miyazaki said. "Our customers continue to ride them as the optimized solution" to environmental issues.
The company's sales of gasoline-electric hybrid cars increased 37.9 percent to 2.65 million units for the nine months, amid a slowing sales trend for all-electric vehicles globally due to their relatively lower mileage and a shortage of charging stations.
The earnings results were positively received in the stock market, with the company's market capitalization at the end of Tuesday trading in
Despite the upbeat outlooks, the company is still faced with uncertainties as it does not know how long production and shipment halts will last at its group firms.
"The number of vehicles that were affected by the scandals at
==Kyodo
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