By our economics editors
01 Nov 2023 at 09:51
Toyota has doubled its net profit in the first half of its broken financial year. This is partly due to the low value of the Japanese yen. The Japanese car manufacturer expects this success to continue.
The world’s largest car manufacturer in terms of turnover expects an annual profit of 3.95 trillion yen (about 25 billion euros). The broken financial year for this company runs until the end of March 2024.
Previously, Toyota, which also includes Daihatsu, expected an annual profit of almost 2.6 trillion yen. But that amount has already been achieved in the first six months of the financial year (April to September). Turnover has also increased by a quarter.
One of the main causes is the low value of the yen. This week, 1 euro was worth more than 160 yen for the first time since July 2008. The fact that the Japanese currency is worth less makes Japanese cars cheaper for Europeans and Americans.
The company’s production has recovered strongly compared to a year ago. At the time, the automotive sector was experiencing serious shortages of semiconductors and other components.
Toyota sold a record 5.6 million vehicles in the first half of the financial year. More than 5.7 million cars rolled off the production line during that period. That is 10 percent more than last year and also a record.
Image: EPA
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2023-11-01 08:51:58
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