For the fiscal year ending March 31, 2025, TMC estimates consolidated vehicles sales will be 9.40 million units. Based on an exchange rate assumption of 152 yen to the U.S. dollar, TMC forecasts consolidated net revenue of 47.0 trillion yen ($309.2 billion), operating income of 4.7 trillion yen ($30.9 billion), income before income taxes of 6.1 trillion yen ($40.7 billion), and net income of 4.5 trillion yen ($29.7 billion).

“At the board meeting held this morning, we decided to establish a wholly-owned company for the development and production of Lexus BEVs and batteries in Shanghai, China. We have just released this announcement. Local Chinese members will take the lead in planning and developing BEVs that match the unique needs of Chinese customers. Our goal is to become a company that is more loved and supported by the people of China. The new company is planning to start production after 2027 with annual production capacity of approximately 100,000 and about 1000 new jobs,” said Chief Financial Officer Yoichi Miyazaki.

“Additionally, Toyota Battery Manufacturing, North Carolina (TBMNC), our first overseas in-house battery manufacturing company in the United States, has finished preparations for production and will start shipping batteries in April finally. TBMNC is our 11th manufacturing entity in the United States and the first to produce batteries for HEVs, PHEVs, and BEVs in the country. The investment amount is 14 billion dollars, and we plan to create 5000 jobs. We will further strengthen our multi-pathway strategy through the local production of various batteries for electric vehicles,” said Miyazaki.