Toyota Motor Posts Record FY24 Net Income of $39.1B

Toyota Motor – the world’s largest automaker – posted impressive operating results for the 2024 Japanese fiscal year (¥5 Trillion 352.9B) with an operating profit margin of ~11% up from ~7% a year ago. This appear to be the largest profit ever posted by a Japanese company. Consolidated vehicle sales were 9,443,000, which was 107.0% of FY 2023 volume. (AutoInformed: New Toyota Motor President Koji Sato on Evolution; Toyota Cleans Daihatsu House Over False Tests)

“We faced many challenges, including those posed by COVID-19 and production restrictions due to tight semiconductor supplies, but the results showed the efforts of each front-line employee, including those of our suppliers and dealers, each recognized what they needed to do and acted accordingly, and a management structure and profit structure that was built to be resilient to crises,” said Koji Sato, president.

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Consolidated Financial Results

• Sales revenues of ¥45 trillion 95.3 billion yen.
• Operating income of ¥5 trillion 352.9 billion yen.
• Income before income taxes of ¥6 trillion 965.0 billion yen.
• Net income of ¥4 trillion 944.9 billion yen.
• Sales volumes increased everywhere , except in Japan, because if the suspension of shipments by Daihatsu Motor Toyota Industries Corporation.
• Sales of electrified vehicles, mainly HEVs, at 37.4% of total sales.

However, Toyota is forecasting a decline in profits for FY 2025 based on roughly the same volumes but with increased costs incurred by the ongoing development of new vehicles.