Record profit for Toyota

Toyota Land Cruiser

Special: amid the worldwide chip shortage and falling sales figures, Toyota records a record-high profit for the second quarter of its fiscal year.

Toyota posted a net profit of 626.6 billion yen, or about €4.8 billion, in the quarter, which ran from July to September. That is an absolute record for this period, reports Automotive News, among others. Compared to the same quarter last year, operating profit increased by 48 percent.

The fact that this level could be achieved is mainly attributable to cost savings and favorable exchange rates for Toyota, because the production and therefore sales figures are actually lower and lower due to the chip shortage. Compared to last year, the profit margin therefore grew from 7.5 to 9.9 percent.

The Toyota Motor Corporation sold a total of 2.51 million vehicles in the quarter. That is clearly less than in the same period in 2018 (2.75 million) and even slightly less than in the same quarter in ‘corona year’ 2020. For the entire fiscal year, which runs from April to March, the forecast for the whole concern now at 10.3 million units. That is less than the 10.6 million units previously counted on, of course due to ‘problems in the production chain’.

Incidentally, the share of electrified vehicles is also increasing nicely at Toyota. In the past quarter it came to 28.8 percent of the total, compared to 24 percent a year earlier. Of the 666,000 vehicles sold in this category, 631,000 were hybrids, as you would expect from Toyota. There were also 30,000 plug-in hybrids, undoubtedly mainly of the RAV4 type. Fully electric cars left the showroom 3,000 times, while hydrogen-powered cars (Mirai) turned out to be good for 1,000 buyers.

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