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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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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