TOKYO -- Toyota Motor Co.p.’s fourth-quarter net income more than doubled, propelling annual profit to a record 1.16 trillion yen ($10.2 billion), twice the combined earnings of General Motors Corp. and Ford Motor Co. The company targets similar results this year.
The world’s biggest automaker by market value said profit for the three months ended March 31 rose to 351.2 billion yen, from 145.8 billion yen in the year-earlier quarter, on rising demand for its most profitable models including the Lexus luxury car. Fourth-quarter sales rose 22 percent to 4.68 trillion yen.
Executive Vice President Ryuji Araki said profit this year will be driven by cost cuts and further gains in its U.S. market share, which was 11.7 percent in April. The Toyota City, Japan- based company was rated as the maker of the most reliable cars by J.D. Power & Associates for a seventh year and started selling a full-sized version of its Tundra pickup truck in the U.S.
“Everyone expects Toyota to raise profit by more than 10 percent this year,” said Ichiro Takamatsu, who helps manage the equivalent of $564 million in Japanese equities at Cigna International Investment Advisors K.K. in Tokyo. “There’s not a single black spot at Toyota.”
Full Story HERE
The world’s biggest automaker by market value said profit for the three months ended March 31 rose to 351.2 billion yen, from 145.8 billion yen in the year-earlier quarter, on rising demand for its most profitable models including the Lexus luxury car. Fourth-quarter sales rose 22 percent to 4.68 trillion yen.
Executive Vice President Ryuji Araki said profit this year will be driven by cost cuts and further gains in its U.S. market share, which was 11.7 percent in April. The Toyota City, Japan- based company was rated as the maker of the most reliable cars by J.D. Power & Associates for a seventh year and started selling a full-sized version of its Tundra pickup truck in the U.S.
“Everyone expects Toyota to raise profit by more than 10 percent this year,” said Ichiro Takamatsu, who helps manage the equivalent of $564 million in Japanese equities at Cigna International Investment Advisors K.K. in Tokyo. “There’s not a single black spot at Toyota.”
Full Story HERE