Toyota gains up 4pc, US market drives profits
Tokyo, August 6, 2014
Toyota Motor’s reliance on the US market to drive record profits is deepening this year, its latest outlook showed, with strong sales of refurbished SUVs and Camry sedans expected to offset weakness in Thailand and other emerging markets.
The world’s best-selling carmaker, which analysts say could be overtaken this year by German rival Volkswagen AG in global car sales, also said it would stick to utilising existing plants to maximum capacity before investing in new factories.
Toyota yesterday posted 692.7 billion yen ($6.76 bilion) in April-June operating profit, up 4.4 per cent year-on-year and its best quarter ever with solid US sales, cost cuts and a weaker yen bolstering profits.
North American operating profit rose 45 per cent to 149.7 bilion yen, surpassing Asia excluding Japan, which posted far more modest profit growth of 5.6 per cent to 110.3 billion yen. The Toyota group includes Daihatsu Motor Company and Hino Motors. - TradeArabia News Service