Between sticking accelerator pedals and rollover-prone SUVs, this year has not been kind to Toyota. However the Japanese automaker is poised to return a handsome $532 million profit, despite expectations to the contrary.
Toyota had initially forecasted a loss of $213, but a weak yen and a series of cost-cutting measures meant that Toyota is likely to beat expectations. On the other hand, Toyotas sales were down 5 percent, or about 7.2 million vehicles. All in all, Toyota’s earnings are admirable in a year where the Japanese auto giant was forced to recall some 10 million vehicles, forced to testify before Congress and endure a series of devastating quality control problems. Toyota will report its earnings on May 11th.
[Source: Automotive News via Autoblog]