Toyota Motor (7203.T) posted strong Q3 Japanese FY 2024 (ending 31 Dec 2023) operating results today with net income ¥4.24 trillion (+2.14 trillion yen YoY or ~75% year over year) and raised its full-year forecast for the year ending in 31 March to an operating income ¥4.90 trillion yen, a ~9%increase. The results were bolstered by strong sales in North America, its largest market by volume. Sales volume increased in all regions to a total of ~7.3 million vehicles, especially for HEVs (+37.9% YoY at ~2.65 million).

“The increase in profits for fiscal year 2024 has been mainly due to the new car business, and our ‘transformation into a mobility company’ initiative is still a work in progress. We aim to further strengthen our value chain by leveraging our strength (asset) of having 100 million cars owned by our customers,” Toyota said.