Toyota: Challenges ahead after record year

May 10, 2018 | News On Japan

May 10, 2018 (NHK) - Executives at Japan's biggest carmaker Toyota Motor say the firm posted record sales and net profit for the fiscal year that ended in March.

Group sales jumped 6.5% year-on-year to 268 billion dollars, due to strong performance in China and Europe.

Net profit increased 36% to about 23 billion dollars, a windfall that executives attribute partly to a corporate tax cut by US President Donald Trump.

Toyota's president Akio Toyoda said the firm will continue to invest to drive future growth.

Toyoda said, "I believe the development of electric vehicles, self-driving technology and connectivity will expand the possibilities of the automobile. It will be an era when Toyota's strengths can be utilized more effectively."

But the road ahead contains some twists for Toyota, as executives predict both sales and profit will decline for the first time in 2 fiscal years.

They expect group sales to fall 1.3 percent amid sluggish demand in US and Japan and they forecast net profit will drop 15% as a stronger yen hits earnings from exports.

Source: ANNnewsCH

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