Toyota reports record profit amid pandemic, keeps forecasts

Japan Toyota

TOKYO (AP) — Toyota reported Wednesday a record 897.8 billion yen ($8.2 billion) profit for the fiscal first quarter, underlining the Japanese automaker’s resilience even amid the coronavirus pandemic.

Toyota Motor Corp.’s April-June profit zoomed more than five-fold from 158.8 billion yen the same period a year earlier.

Quarterly sales soared 73% from the previous year to 7.94 trillion yen ($73 billion), also a record for the maker of the Prius hybrid and Lexus luxury models.

Worries remained, such as the ongoing shortage of semiconductors and the rising costs of materials, according to Toyota.

Such concerns were the reason why Toyota said it kept its forecasts unchanged for the full fiscal year through March 2022, at a 2.3 trillion yen ($21 billion) profit, and 9.6 million vehicles in global retail sales.

That’s up from nearly 9.1 million vehicles Toyota sold during the fiscal year ended March 2021. When including sales of Daihatsu and Hino group companies, Toyota expects to sell 10.55 million vehicles, up from 9.9 million vehicles the previous fiscal year.