Toyota upgrades full-year forecasts

Worldwide
Published:  10 February, 2021
Lexus IS

The Japanese carmaker reported a net profit rise of 50% for the third quarter of its fiscal year 2021.

The third quarter results have led Toyota to upgrade its full-year forecasts. For the three months ended December 2020, the Japanese automotive manufacturer posted JPY838.7 billion in revenue (US$8 billion), up from JPY559.3 billion a year. Operating profit rose to JPY987.9 billion in the period. Toyota said it expects to sell 9.73 million vehicles this year, up 3.3% from a previous forecast of 9.42 million, yet still down from 10.46 million in 2020. For the fiscal year ending March 31, Toyota now expects record operating profit of JPY1.9 trillion (US$18.14 billion), higher than an earlier projection of JPY1.3 trillion (US$12.41 billion).

Between January and December 2020, global sales for Lexus totalled 718,715 units, up 6% from the previous year. According to the carmaker, sales of the ES and RX, the new IS and LS, which began in autumn 2020, have been well-received. By region, cumulative annual sales in China are said to have marked an all-time high, pulling global sales forward.