Strong Sales Boost Toyota’s Q3 Profit
Demand increased and costs fell for Toyota giving the company a 3.5% increase in third-quarter profits.
“Things are going great for Toyota,” said Koji Endo, an auto analyst at Credit Suisse First Boston in Tokyo. “The numbers are strong but not spectacularly strong.”
There has been a strong demand in North America for Toyota’s Lexus luxury models and Scions.
According to Bloomberg.com,
“Net income rose to 297 billion yen ($2.85 billion), or 90.33 yen a share, in the three months ended Dec. 31 from 286.5 billion yen, or 84.82 yen, a year earlier, the company, based in central Japan’s Toyota City, said in a statement today. Sales gained 5.9 percent to 4.64 trillion yen.
Toyota President Fujio Cho aims to take 15 percent of the global market within a decade and surpass General Motors Corp. as the world’s largest carmaker by unit sales. The company may cut costs by 170 billion yen this year and is expanding production overseas to protect earnings from a stronger yen.”
Toyota’s group sales went up 8.2%.
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