Toyota’s January-March profit edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased.
FILE - Shown is a Toyota logo at the Philadelphia Auto Show, Friday, Jan. 27, 2023, in Philadelphia. Toyota released results Wednesday, May 10, 2023 showing its January-March profit edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased. –
For the fiscal year ended in March, profit at Japan’s top automaker fell 14% on-year to 2.45 trillion yen . But it’s forecasting profit to rise 5.2% for the current fiscal year to 2.58 trillion yen .because of restrictions over the coronavirus pandemic that crimped production in various countries.The automaker’s sales for the fiscal year that ended in March rose across global regions, including Japan, the United States, Europe and other markets, such as Asia, the Middle East and South America.
The results underline the challenges that lie ahead, as well as the ongoing resilience of the maker of the Prius hybrid, Camry sedan and Lexus luxury models., especially in key markets like China, as well as the U.S. and Europe. Toyota pioneered hybrids, which switch back and forth between a gasoline engine and electric motor to deliver an efficient ride. It pushed hybrids for decades as a viable green solution, and still does. But it's also expanding its low-emissions options with work on hydrogen-fed fuel cell electric vehicles. Such zero-emissions vehicles have already hit the road in various Toyota models in Japan, including buses and delivery vehicles.
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