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.