Toyota Reports 93% Profit Increase Over Last Year

Toyota Reports 93% Profit Increase Over Last Year

Toyota released its first quarter results today, revealing a 93 percent increase in income over the same period last year.

The company earned 562.1 billion yen in its first fiscal quarter on revenues of 6,255.3 billion yen, which is a 13.7 percent increase over last year. In April, Toyota President Akio Toyoda said the company is aiming to surpass 10 million units produced this year — a goal the brand will try to meet with the help of the yet-unused Toyota New Global Architecture (TNGA).

North American sales totaled 688,656 units, which is an increase of 26,309 over the same time last year. Operating income in the U.S. actually decreased by 34.9 billion yen to 82.6 billion (827.5 billion USD).

Toyota saw gains across all divisions, but Prius sales were particularly good in July. U.S. sales of the popular hybrids rose to 23,294 last month, which was a 40 percent increase over last year.  Camry sales still accounted for the single largest portion of Toyota’s U.S. volume with 34,780 sold in July and 242,406 year to date.

Lexus is expected to introduce a new compact crossover based on the RAV4 this year, and there will be a new version of the Corolla in showrooms this fall. Both of those will be safe bets for Toyota, but the brand’s biggest gains will come when it begins building vehicles on its TNGA modular architecture.