WORLD
Toyota logs 1st net profit fall in 4 yrs on higher material costs
Baku, May 10, AZERTAC
Toyota Motor Corp said Wednesday its net profit fell 14.0 percent in fiscal 2022 from the previous year to 2.45 trillion yen ($18 billion), the first decline in four years due to rising material costs, according to Kyodo News.
Operating profit for the year ended March slid 9.0 percent to 2.73 trillion yen, although the Japanese carmaker posted record sales of 37.15 trillion yen on robust vehicle sales and a weaker yen that bloats its overseas sales when repatriated.
The automaker recently had its first leadership change in 14 years with Koji Sato, a former Lexus division head, replacing Akio Toyoda as president at the world's biggest auto seller on April 1 as it accelerates its efforts in electric vehicle development.
For the current business year through next March, Toyota expects net profit to increase 5.2 percent to 2.58 trillion yen and sales to rise 2.3 percent to 38 trillion yen.
The company said it aims to produce 10.1 million cars for the Toyota and Lexus brands, up from 9.13 million a year before, as it recovers from a semiconductor shortage that impacted its production last fiscal year.
The auto giant, together with its subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., plans to sell 11.38 million vehicles worldwide in fiscal 2023, up 7.8 percent from the previous year.