Toyota Raises Profit Forecast 50% on Weak Yen, Record Sales
- Toyota’s global sales reached a record in fiscal first half
- Carmaker stepping up EV efforts to reach new CEO’s targets
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Toyota Motor Corp. raised its operating profit forecast 50% after posting record quarterly earnings, thanks to a weaker yen that’s boosting income brought back home on robust global vehicle demand and improving supply chains.
The stock climbed 4.7% on Wednesday, bolstered by the carmaker’s announcement to buy back as much as ¥100 billion ($660 million), or 0.44%, of its own shares. Operating profit should reach ¥4.5 trillion for the fiscal year through March, up from prior guidance for ¥3 trillion, the company said in a statement.