Toyota Bumps Up Sales Forcast, On Pace For Largest Profit in Five Years

Toyota Bumps Up Sales Forcast, On Pace For Largest Profit in Five Years
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Toyota now expects to sell 2.63 million vehicles in North America following a strong third quarter of sales where the Japanese automaker outsold Ford Motor Company for the first time in 15 quarters.

The company is now expecting a $16.95 billion net profit for the year ending in March 2014. This should bring the company back to the same level it was in 2008, before the global economic crisis, recall scandal and the devastating earthquake/tsunami one-two punch, all of which hurt profits and sales.

With the ongoing weakness of the Japanese yen Toyota is seeing huge value in its overseas markets.

“Of course, the weakening of the yen worked in our favor,” said Nobuyori Kodaira, executive vice president of Toyota. “But the effort we and our partners put into driving down costs also led to this turnaround.”

Things are almost back to normal at Toyota, with the company getting ready to show off a hydrogen-powered prototype this month at the Tokyo Motor Show. The automaker is also focusing on a new unified global architecture, with the 2015 Toyota Prius being the first vehicle to be built with this initiative.

[Source: Automotive News]

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