Toyota Profits Forecasted to be Triple that of GM

Toyota Profits Forecasted to be Triple that of GM

Toyota is expected to report $4.5 billion in profits for the quarter ended in June, which would be triple General Motors‘ announcement of $1.4 billion.

GM reported last week that net income had fallen 23 percent as its European operations continue to post losses. Meanwhile, Toyota has seen a surge of profits behind a weakening yen as the Japanese automaker’s Camry and Prius models is forecasted to have its highest annual profit in six years.

SEE ALSO: GM, Toyota, Honda Top July 2013 Auto Sales

Toyota’s stock shares have outperformed all other automakers after surging 55 percent this year, adding more than $77 billion in market value. The Japanese automaker and its subsidiaries has sold 2.48 vehicles globally last quarter, which is actually less than GM’s 2.49 million. In addition, Toyota’s market share in the U.S. fell to the lowest in five quarters while GM’s market share has climbed to its highest in four quarters, according to data from Bloomberg.

And even though GM’s net income fell last quarter, its profit excluding one-items beat analyst estimates.

[Source: Automotive News]

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