Categories: world

Toyota increases full-year profit prospects weakened by Yen, improved sales in China

Toyota Motor Co. (T) showed slightly weaker than expected earnings for the second quarter of the second quarter, but said…

Toyota Motor Co. (T) showed slightly weaker than expected earnings for the second quarter of the second quarter, but said that weaker yen, faster cost savings and improved markets in China and North America would increase the full-year earnings. [19659002] Toyota, the world’s largest automaker, said the operating profit for the three months ended in September increased by 11% to $ 579.1 billion ($ 5.11 billion), as net sales rose 2.35% to 7.35 billion yen. Although the second quarter earnings figure fell sharply out of expectations, Toyota reduced its currency forecast forecast for the second half of the year, ending in March, increasing earnings by 4.3% to 2.4 billion yen, even when it was held, unit sales forecast unchanged at 8.9 million.

“We are making constant progress towards achieving our challenge level (for cost reductions)”, says Senior Administrator Masayoshi Shirayanagi. “In order to achieve this at the end of this fiscal year and continue to strengthen our service, we will accelerate our operations in the second half of this fiscal year across the regions.”

Toyota shares closed 2.09% higher in Tokyo Trade Tuesday, 6,630 yen each, a move that dampens its annual decline to about 8.1

% compared to 14.1% images for rival Honda Motor Co. (HMC) and 18.66% for Mazda Motor Corp. (MZDAY). [19659002] Toyota lowered its annual forecast for the yen against the dollar to 110 from the 106 level, estimated at the end of the first quarter of July. In the July-September quarter, the yen fell 2.73% against the dollar, trading today at about 113.25

. Toyota said global unit sales rose just under 2% to 4.42 million while sales in Asia rose 9.2% thanks to 20% China’s increase, where the car manufacturer seems to have succumbed to the trend of slowing growth in the world’s largest car market.

China’s car market shows persistent signs of weakness as the effect of the US-China war contributes and car sales fell 11.6% in September to 2.39 million units, the largest decline for at least seven years, according to official data from

Ford Motor Co. (F) and General Motors (GM) may also be vulnerable to potential disturbances in China’s supply chain, whether Beijing or President Donald Trump would do the efforts in its current trading permit that has hit tariffs for more than 300 billion dollars of goods. US International Trade Administration data showed that US car manufacturers imported $ 18 billion into cars from China last year, including almost a third of all braking system components.

Share
Published by
Faela