Toyota Motor announced a net profit of 24.7 billion euros between April and December 2023, more than doubling the results for the same period last year. This growth of 107.9% reflects the financial strength of the Japanese car manufacturer.
During the same period, Toyota recorded an operating profit of 26.6 billion euros, an increase of 102.1% compared to the previous year. These impressive results were driven by the sale of 11.23 million vehicles in 2023, setting a new annual record and maintaining Toyota’s position as world sales leader for the fourth consecutive year. This performance represents a 7.2% increase in sales for the Japanese company.
Despite these successes, Toyota has faced challenges. The company revealed that subsidiary Toyota Industries Corporation committed irregularities in the power measurements of three diesel engines installed in ten vehicle models sold globally. Although a new check confirmed that the vehicles comply with legal standards, Toyota decided to temporarily suspend exports of the engines and models equipped with the same components.
This suspension has affected production, with six production lines at four Japanese plants initially suspended until Monday, but the manufacturer has decided to extend the suspension until at least Friday.
Furthermore, in December 2023, Daihatsu, a Toyota subsidiary, suspended all deliveries of vehicles in and out of Japan after discovering that the safety tests and emissions of most models had been manipulated. In March 2022, another subsidiary, Hino, admitted to submitting fraudulent data on emissions and fuel economy to the Japanese authorities.
Despite these challenges, Toyota maintains an optimistic forecast for the current fiscal year, with an expected 17.1% increase in car sales revenue, to 272.7 billion euros, and a 79.8% increase in operating profit, to 30.7 billion euros. The company continues to face the challenges of the global automotive market with determination and resilience.
