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Toyota raises annual profit forecast by 50% because of weak currency

today 11/01/2023
Toyota Motor announced on Wednesday that its second-quarter profit more than doubled, thanks to a weak yen and strong sales. The company also raised its full-year forecast by 50%. Operating profit for the three months ending in September increased by 155.6% compared to the same period last year, reaching 1.44 trillion yen ($9.52 billion). Toyota reported higher car sales in all global regions, including the United States, Asia, and its home market. The company revised its full-year profit forecast to 4.5 trillion yen, up from 3 trillion yen, primarily due to favorable exchange rates. It expects the weaker yen to contribute 1.18 trillion yen to the revised profit. Toyota anticipates that cost reduction, marketing efforts, and price revisions outside of Japan will offset higher expected expenses. The new projection exceeds analysts' average forecast of 4.0 trillion yen. In terms of shares, Toyota saw an immediate increase of 5.6% following the release of the earnings. In June, the company announced a significant overhaul of its battery-powered vehicle strategy, focusing on improving driving range and reducing costs of electric vehicles. Toyota also revealed plans to invest an additional $8 billion in a North Carolina plant for the production of batteries for hybrids, plug-in hybrids, and full-battery vehicles. During the first nine months of the year, Toyota sold 7.5 million cars, including the Lexus luxury brand, with hybrids accounting for nearly a third of the sales. Battery EVs made up around 1% of total sales during the same period. While Toyota has not experienced the same impact as other Japanese automakers in China, it still faces challenges in the country's growing EV market. Additionally, rising Chinese investments in Southeast Asian markets, such as Thailand, pose competition for Toyota due to increased demand for EVs.
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