Toyota Motor Corp. experienced a significant financial boost in the fiscal year that concluded in March, reporting a doubling of its net profit to 4.9 trillion yen ($31.9 billion). Sales also showed a notable increase, rising by 21% to reach 45 trillion yen ($290 billion), surpassing the company's own profit projections. One of the key drivers behind Toyota's financial success was a surge in global sales, which rose to 9.4 million vehicles from 8.8 million in the previous fiscal year.
Apart from robust hybrid vehicle sales, Toyota emphasized its commitment to expanding its portfolio to include various electric vehicle options such as battery EVs, plug-ins, and fuel cell models. The favorable exchange rate, with the U.S. dollar averaging 145 Japanese yen during the fiscal year, also played a significant role in enhancing Toyota's profitability. In the January-March quarter alone, Toyota's net profit stood at 997.6 billion yen ($6.4 billion), reflecting a substantial increase from the previous year, alongside a rise in sales to 11 trillion yen ($71 billion) from 9.7 trillion yen.
Looking ahead, Toyota aspires to sell 9.5 million vehicles in the current fiscal year, with a focus on expanding sales in the U.S. and Asia. The company plans to make strategic investments in research and technology to sustain long-term growth, anticipating a decline in net profit for the fiscal year through March 2025. Chief Executive Koji Sato underscored the importance of maintaining Toyota's strong reputation for safety and quality while actively venturing into developing ecological vehicles to address the evolving demands of the auto industry. Despite challenges like the global chip shortage during the pandemic, Toyota has shown resilience and is positioned for growth in the changing automotive landscape.