Toyota Motor Corp. on Wednesday reported a record net profit of 2.32 trillion yen ($20.10 billion) for the April-December period, up 57.8 percent from a year earlier, supported by a weaker yen as the automaker makes a gradual sales recovery from the coronavirus pandemic.
Toyota's operating profit soared 67.9 percent to 2.53 trillion yen in the first nine months, also an all-time high, despite an ongoing global semiconductor shortage and higher material costs.
Its sales grew 19.2 percent to 23.27 trillion yen, while other major Japanese automakers have likewise been slowly recovering from the impact of COVID-19.
Nissan Motor Co. and Honda Motor Co. revised upward earnings estimates for the current business year through March on Tuesday and Wednesday, respectively.
However, citing uncertainty stemming from the spread of the virus and chip shortage, Toyota further pulled down its global production plan through March 2022 to 8.50 million vehicles, compared with the 9 million announced in November.
The Japanese auto giant had previously lowered its output plan for this business year after facing difficulties securing parts, with the pandemic also hitting suppliers in Southeast Asia.
It cut its sales outlook for fiscal 2021 to 29.50 trillion yen, down from the previously projected 30.00 trillion yen. The revised figure still represents an 8.4 percent rise from a year earlier.
Its operating profit outlook was maintained at 2.80 trillion, up 27.4 percent from a year earlier, as favorable exchange rates are set to offset the effects of the smaller-than-expected vehicle output.
It put its assumed exchange rate for the U.S. dollar at 111 yen, higher than the 110 yen estimated earlier.
A weaker yen has been proving a boon to automakers as their overseas profits are boosted when repatriated.
The net profit forecast also remained unchanged at 2.49 trillion yen, up 10.9 percent from a year before.
Toyota's recovery was led by robust sales in North American and Asian markets, although the numbers have failed to meet pre-pandemic levels.
Toyota sold 6.10 million units globally in the first nine months, up from 5.44 million the same period last year. Its electrified vehicles in global sales accounted for 27.7 percent, or roughly 2 million units, compared with 22.9 percent a year before.
In December, the world's top-selling automaker announced plans on spending 8 trillion yen by 2030 to boost electrification, with an EV sales goal of 3.5 million units.
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