Toyota Forecasts Conservative Profit, Will Buy Back Shares
- Japanese carmaker’s stock climbs after buyback announced
- New CEO has promised to step up shift to electric vehicles
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Toyota Motor Corp. released a conservative profit forecast for the current fiscal year that aligned with analyst projections, as new Chief Executive Officer Koji Sato seeks to deliver on his pledge to rapidly expand electric vehicle production.
The company’s shares rose as much as 2.5% before closing 0.8% higher after Toyota also announced plans to buy back as much as ¥150 billion ($1.1 billion) of its own stock.