• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Monday, June 16, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home News

Toyota set to report record $31.87 bn profit driven by demand for its hybrid vehicles

David Ijaseun by David Ijaseun
May 7, 2024
in News, Premium
0
Toyota set to report record $31.87 bn profit driven by demand for its hybrid vehicles
852
SHARES
8.7k
VIEWS
Share on FacebookShare on Twitter

Toyota Motor Corporation is set to announce its annual earnings on Wednesday, with analysts forecasting a substantial boost from the growing demand for hybrid vehicles.

Despite facing significant challenges in key markets, such as China and the U.S., Toyota is expected to report record results, partly due to the favourable impact of a weak yen. In China, the company is grappling with a fierce price war, while in the U.S., consumers are dealing with higher borrowing costs, impacting sales.

READ ALSO

Air India flight to London crashes after takeoff in Ahmedabad with 242 on board

Mechanics like Musa are the real engineers of Africa

Globally, Toyota faces increased competition from Chinese automakers, who are rapidly expanding production of low-priced vehicles. Additionally, a safety test scandal involving its Daihatsu compact car unit has led to a decline in sales in Japan, affecting Toyota’s reputation for quality and safety.

In February, Toyota raised its operating profit forecast for the fiscal year ending March 31 to 4.9 trillion yen ($31.87 billion), which would represent a record profit and an 80% increase from the previous year. For the fourth quarter, analysts expect an operating profit of 747 billion yen, according to a poll by LSEG.

Amidst slowing global demand for battery-powered EVs, Toyota has capitalised on selling more hybrids, which offer higher margins compared to regular gasoline cars. Toyota has been a pioneer in hybrids for over a quarter of a century, starting with the Prius. Hybrids accounted for more than a third of the 10.3 million cars it sold in the just-ended financial year, including the Lexus luxury brand.

Despite its success in the hybrid market, Toyota lags behind rivals like Tesla, as well as European and Chinese automakers, in the EV sector. Battery EVs made up just 1% of Toyota’s global sales in the last fiscal year, well below its previous target of 202,000 vehicles.

However, the future of Toyota’s business in China hinges on its EV strategy. Given that Chinese consumers prefer software-rich cars, Toyota may not make significant strides until it releases next-generation models in China, according to Koji Endo, head of equities research at SBI Securities.

Toyota recently announced a partnership with Chinese tech giant Tencent and unveiled two battery EVs for the Chinese market at the Beijing auto show. While Toyota’s China sales were down 1.6% in the first quarter of the 2024 calendar year, this was better than the sharper declines seen by Japanese rivals Nissan and Honda but lagged behind the 12.5% rise in sector-wide passenger vehicle sales.

In the U.S., Toyota saw a 20% increase in sales to 565,000 vehicles in the same period. Over the past year, Toyota’s shares have surged by 96%, including dividends, or 71% in dollar terms, outperforming Tesla’s 7.5% increase over the same period.

Read more on Toyota launches luxury SUV version of timeless century

Tags: Toyota

Related Posts

plane crash in India
Aerospace

Air India flight to London crashes after takeoff in Ahmedabad with 242 on board

June 12, 2025
Musa Mechanic
Africa

Mechanics like Musa are the real engineers of Africa

June 11, 2025
UK lawmakers signal u-turn on EV ‘Tesla tax’ after industry backlash
Electric Vehicles

UK lawmakers signal u-turn on EV ‘Tesla tax’ after industry backlash

June 11, 2025
OceanwalkerS60e
Electric Vehicles

Solar-Electric Oceanwalker S60e promises cleaner, quieter cruising by 2026

June 11, 2025
Germany’s electric vehicle market staged a strong comeback in May
Electric Vehicles

Germany’s electric vehicle market staged a strong comeback in May

June 11, 2025
Taiwo Shittu, CEO, Lanre Shittu Motors
Business

Why Chinese trucks now dominate Nigeria’s roads – Taiwo Shittu

June 8, 2025
Next Post
Fuel demand

Electric vehicle boom in U.S. and China slashes fuel demand to lowest since 2020

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

UK vehicle production (Q1 2025)

UK automotive sector grapples with trade challenges despite March gains

April 25, 2025
Dipti Vachani

Auto boss: Meet Dipti Vachani, the genius driving AI innovation in the automotive industry

March 10, 2025
Northvolt

Europe’s battery future hinges on Chinese partnerships after Northvolt collapse

December 20, 2024
Tesla cybertruck

Mass production of Tesla Cybertruck now 2024, Elon Musk says

March 19, 2023

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Air India flight to London crashes after takeoff in Ahmedabad with 242 on board
  • Mechanics like Musa are the real engineers of Africa
  • UK lawmakers signal u-turn on EV ‘Tesla tax’ after industry backlash
  • Solar-Electric Oceanwalker S60e promises cleaner, quieter cruising by 2026

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In