Toyota accelerates its financial growth, doubling profits to $24.73 billion in the first three quarters of 2023, thanks to robust global sales.
Toyota showcases a remarkable financial performance with a 107.9% profit increase in the first three quarters of fiscal 2023, setting sights on even higher annual forecasts.
Toyota, the Japanese automotive giant, has reported a net profit of 3.947 trillion yen ($24.737 billion) for the first nine months of its fiscal year (April to December 2023), marking a staggering 107.9% year-on-year growth from the 1.899 trillion yen ($11.899 billion) recorded in the same period of 2022, according to the company's latest financial release.
The company forecasts a net profit of around 4.5 trillion yen ($28.207 billion) for the fiscal year ending in March 2024, an 83.6% increase from the previous year's 2.45 trillion yen ($15.361 billion).
This financial upturn is attributed to Toyota's aggressive marketing efforts and a significant increase in new car sales across all regions, particularly in hybrid electric vehicles (HEV), which saw a 37.9% increase to 2.64 million units.
So far in this fiscal year, Toyota's revenue reached 34.022 trillion yen ($213.263 billion), a 23.9% year-on-year increase, while its operating profit also doubled (+102.1%) to 4.240 trillion yen ($26.575 billion).
By the end of the first nine fiscal months, Toyota registered global vehicle sales of 7.29 million units, up 12.4% from the previous year. Looking ahead to the full fiscal year ending in March 2024, Toyota aims to sell 9.45 million vehicles worldwide, marking over a 7% increase from the last fiscal year.
Furthermore, the company projects its operating profit for the fiscal year to reach approximately 4.9 trillion yen ($30.699 billion), a 79.8% jump from the previous year.