Click for more data.
Toyota Motor Corporation posted a ¥552.2 billion (~$4 b) Q4 net profit, a slight increase from ¥533.8b (~$3.9 b) at its 2023 Fiscal Year meeting Wednesday in Japan. Q4 sales increased 20% to ¥9.69 trillion (~$72 b).
However, the strong results coming from the easing of Covid-induced shortages wasn’t enough to overcome relatively disappointing Q1, Q2 and Q3 results, as well as rising material costs. Toyota’s profit dropped -14% year-on-year to ¥2.45 trillion yen (~$18 billion). This was based on sales of 10.56 million vehicles for FY 2023 ending 31 March and includes Daihatsu and Hino results. Toyota forecasts 11.38 million vehicles for the fiscal year ending in 31 March 2024. (AutoInformed: Toyota Annual Results Show Profitability Struggle Goes On)
“In the previous fiscal year, we were able to secure operating income of ¥2.7 trillion despite the severe business environment, including soaring materials prices,” said Koji Sato, President, Chief Executive Officer at the financial results conference. (Translated from the Japanese by Toyota – editor)
“Our new management team assumed the reins on April 1. However, the financial results figures for the previous fiscal year were based on the 14 years of former President Akio Toyoda’s efforts, making me once again keenly aware that our change in management took place while Toyota was being managed at top speed. As such, our new management team will be able to focus on strategic initiatives in growth areas based on this current foundation.”
“When Chairman Toyoda took office as president, he said. “Growth is about being able to continuously change ourselves in response to ever-changing needs of customers and society.” I believe that his 14 years as president embodied exactly that.
“Now that he is chairman, he is in a position to support our new management team, and we will implement a new form of team management, with the chairman and president working simultaneously and according to an optimal division of roles at any given time. Our team will take advantage of this environment to promote speedy management. Toyota is forecasting an increase in profits of 5.2% for the current fiscal year (2024) to ¥ 2.58 trillion yen (~$19 billion),” Sato said.
Highlights of Sato Remarks
- Toyota aims to reduce new-vehicle CO2 emissions by more than 50% globally by 2035.
- Toyota will continue to provide regionally optimal solutions at an accelerated pace without wavering from our multi-pathway approach.
- Battery electric vehicles (BEVs), Toyota set selling 1.5 million units by 2026 as “base volume,” and plans to launch 10 models ranging from luxury vehicles to compacts and commercial vehicles, mainly in the United States and China.
- New models scheduled for launch in 2026 will be built on three new platforms: the body and chassis, the electronic platform, and the software platform.
- Toyota aims to achieve mobility by way of a new vehicle packaging with a rational structure that is unique to BEVs.
- Toyota is accelerating the new dedicated organization “BEV Factory.”
- BEV Factory concept vehicles will debut at the Japan Mobility Show this autumn.
- Toyota is also accelerating efforts to realize a hydrogen society in the commercial domain, especially in Europe and China, where hydrogen consumption is particularly high, centered on fuel cell electric vehicles.
- Toyota will focus on the use of hydrogen energy for personal mobility and on the cycle of producing, transporting, and using hydrogen, and we will conduct activities for the development of social infrastructure, including through social implementation in Thailand.
- In Asia and emerging markets Toyota wants to grow 30% or more by 2030 focusing on hybrid electric vehicles to capture market growth.
- “To transform automobiles into a mobility industry, we will further increase our current ~¥ 3 trillion in R&D expenditures and capital investment, while increasing the ratio of future investment to achieve sustainable growth.”
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Toyota Motor FY 2023 Finishes with a Strong Q4
Click for more data.
Toyota Motor Corporation posted a ¥552.2 billion (~$4 b) Q4 net profit, a slight increase from ¥533.8b (~$3.9 b) at its 2023 Fiscal Year meeting Wednesday in Japan. Q4 sales increased 20% to ¥9.69 trillion (~$72 b).
However, the strong results coming from the easing of Covid-induced shortages wasn’t enough to overcome relatively disappointing Q1, Q2 and Q3 results, as well as rising material costs. Toyota’s profit dropped -14% year-on-year to ¥2.45 trillion yen (~$18 billion). This was based on sales of 10.56 million vehicles for FY 2023 ending 31 March and includes Daihatsu and Hino results. Toyota forecasts 11.38 million vehicles for the fiscal year ending in 31 March 2024. (AutoInformed: Toyota Annual Results Show Profitability Struggle Goes On)
“In the previous fiscal year, we were able to secure operating income of ¥2.7 trillion despite the severe business environment, including soaring materials prices,” said Koji Sato, President, Chief Executive Officer at the financial results conference. (Translated from the Japanese by Toyota – editor)
“Our new management team assumed the reins on April 1. However, the financial results figures for the previous fiscal year were based on the 14 years of former President Akio Toyoda’s efforts, making me once again keenly aware that our change in management took place while Toyota was being managed at top speed. As such, our new management team will be able to focus on strategic initiatives in growth areas based on this current foundation.”
“When Chairman Toyoda took office as president, he said. “Growth is about being able to continuously change ourselves in response to ever-changing needs of customers and society.” I believe that his 14 years as president embodied exactly that.
“Now that he is chairman, he is in a position to support our new management team, and we will implement a new form of team management, with the chairman and president working simultaneously and according to an optimal division of roles at any given time. Our team will take advantage of this environment to promote speedy management. Toyota is forecasting an increase in profits of 5.2% for the current fiscal year (2024) to ¥ 2.58 trillion yen (~$19 billion),” Sato said.
Highlights of Sato Remarks
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.