Toyota Posts Strong FY 2024 Q1 Results – $9.2 Billion Net

Toyota Motor – the world’s largest automaker – posted impressive operating results for  Q1 of the 2024 Japanese fiscal year with an operating profit margin of ~11% up from ~7% a year ago.

“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. (AutoInformed: New Toyota Motor President Koji Sato on Evolution)  

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Sales volume increased in all regions due to productivity improvements inside TMC and with its suppliers. Consolidated vehicle sales Q1 was 2,326,000 units, at 115.5% of consolidated vehicle sales for the same period of the previous fiscal year. Toyota and Lexus vehicle sales was at 2,538,000 thousand units, at 108.4% of such sales for the same period of the previous fiscal year. This coincided with the better supply of  semiconductors, which is still delaying delivery, particularly on new models. Notably, electrified vehicles were 34% of total sales.

Consolidated financial results Q1 Japanese FY 2024

• Sales revenue of 10 trillion 546.8 billion yen.
• Operating income of 1 trillion 120.9 billion yen.
• Income before income taxes of 1 trillion 720.5 billion yen.
• Net income of 311 trillion yen ($9.22 billion).

Toyota is maintaining its previously announced full-year forecast. Toyota forecasts group vehicle sales with subsidiaries Daihatsu Motor and Hino Motors at 11.4 million units. Toyota projects that revenue will increase 2.3% to ¥38.000 trillion and net profit to rise 5.2% to ¥2.580 trillion.