Toyota announced record profits of more than $30 billion in its 2023-2024 fiscal year on Wednesday but lowered its expectations for this year due to the investment plan it has in place.
Net profit for the year, which ended March 31, doubled in a year, reaching a new record of 4.9 trillion yen (about $31.1 billion), thanks to its sales of hybrid vehicles and the fall of the yenwhich artificially inflates its results abroad.
Annual operating profit nearly doubled to about 5.3 trillion yen ($34.1 billion).
Despite this, Toyota foresees a 27.8% drop in its net profit in 2024-25 and its annual operating profit by 19.7%.
These downward forecasts are explained by Toyota aims to invest 2 billion yen ($12.8 billion) during the new year in new engines (electric and hydrogen), in digital resources (software, artificial intelligence) and in human capital
In the 2023-24 financial year, the group, which brings together the Toyota, Lexus, Daihatsu and Hino brands, sold more than 11 million vehicles (+5% in one year), a new record.
Sales were especially on the rise in North America, Europe and Japan thanks to its hybrid models.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
