Toyota Motor, the world’s largest automaker posted a $9.87 billion Q3 FY Profit compared to $9.45b during the same period one year ago. This appears to AutoInformed a Toyota herd immunity from the Covid-19 virus and variants that are killing other automakers. As a result of the strong showing upholding Akio Toyota’s vow to remain profitable despite the ongoing Global Pandemic, Toyota increase its yearly forecast by 54%. Toyota now predicts a record operating profit $19.13 billion (¥2 trillion), surpassing an earlier projection of ¥1.3 trillion.
Toyota thinks it will sell 9.73 million vehicles this year, up 3.3% from the old forecast of 9.42 million. Nonetheless, this is still a decline from last year’s 10.46 million – a drop that other global automakers would welcome. If this were an endurance race, competitors are still making repairs in the paddock, as Toyota continues to smoothly run the course.
Toyota began U.S. production in 1986 when it started manufacturing Corollas at its joint venture, New United Motor Manufacturing, Inc. Since that time, Toyota has grown to include 10 plants in the U.S. and 14 in North America. Toyota affirmed this commitment by pledging to invest $13 billion in the U.S. over a five-year period starting in 2017 through 2021. The company hit this target a year early.
Extensive factory and showroom closures in the spring pulled Toyota global sales down -21% in the first half of last year. However, sales reversed in September and were up 10% year-on-year by December. Revenue for the latest quarter rose 8% to ¥8.2 trillion, compared with an average prediction for ¥7.6 trillion, according to Bloomberg.
Operating profit rose in all regions for the quarter, with sales in China and the U.S. boosted by new vehicle launches and a revamped model mix, Toyota Chief Financial Officer Kenta Kon said on a webcast briefing.
Each month since August, Toyota has produced a record number of vehicles. In 2021, it plans to make an unprecedented 9.2 million cars globally, up 2% from its 2019 pre-pandemic output, the Nikkei reported last week.
Toyota on the results webcast last night also claimed it was not expecting a global chip shortage to hurt its production unlike other automakers.
“For the near term, we do not see any decrease in production volume due to the chip shortage, but we do see risks of a chip shortage,” Chief Financial Officer Kenta Kon said during the briefing from Japan. Kon said Toyota has been constantly providing its short-term and long-term production plans to suppliers.
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.
Herd Immunity? Toyota Motor Reports $9.87 Billion Q3 FY 2021 Profit. Ups Forecast by +54%
Toyota thinks it will sell 9.73 million vehicles this year, up 3.3% from the old forecast of 9.42 million. Nonetheless, this is still a decline from last year’s 10.46 million – a drop that other global automakers would welcome. If this were an endurance race, competitors are still making repairs in the paddock, as Toyota continues to smoothly run the course.
Extensive factory and showroom closures in the spring pulled Toyota global sales down -21% in the first half of last year. However, sales reversed in September and were up 10% year-on-year by December. Revenue for the latest quarter rose 8% to ¥8.2 trillion, compared with an average prediction for ¥7.6 trillion, according to Bloomberg.
Operating profit rose in all regions for the quarter, with sales in China and the U.S. boosted by new vehicle launches and a revamped model mix, Toyota Chief Financial Officer Kenta Kon said on a webcast briefing.
Each month since August, Toyota has produced a record number of vehicles. In 2021, it plans to make an unprecedented 9.2 million cars globally, up 2% from its 2019 pre-pandemic output, the Nikkei reported last week.
“For the near term, we do not see any decrease in production volume due to the chip shortage, but we do see risks of a chip shortage,” Chief Financial Officer Kenta Kon said during the briefing from Japan. Kon said Toyota has been constantly providing its short-term and long-term production plans to suppliers.
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.