Toyota shares soared nearly 17 per cent on Thursday, marking the biggest one-day jump since 1987, after the world’s largest carmaker raised its annual profit forecast. The Japanese group reported its first profit rise in six quarters, with operating income jumping 34 per cent to ¥1.13tn ($7.1bn) in the three months to September 30. Driven by a weak yen and robust US demand for hybrids, Toyota lifted its full-year profit outlook by ¥500bn to ¥3.9tn and increased its share buyback to ¥1.3bn.
North American sales rose 1.1 per cent in the first nine months, turning the region’s operating profit positive for the first time since US tariffs were introduced. Despite a 3.4 per cent dip in global sales to 7.5mn units due to a downturn in China, Toyota vowed to select the most competitive component suppliers globally, regardless of nationality. The company also plans to expand domestic hybrid production in the US, introduce robots to cut labour costs, consolidate smaller models on a single architecture for the global south, and establish a new robotics business to automate manufacturing lines.
Source: Financial Times Companies · Summarized by HeadlinesBriefing