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TOKYO (AP) — Toyota reported a 7% year-on-year drop in its profit for April-September on Wednesday, as President Donald Trump’s tariffs slammed Japanese automakers, but it raised its forecast for the full fiscal year.
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Net profit for the April-September period at Toyota Motor Corp. totaled 1.77 trillion yen ($11.5 billion), down from 1.9 trillion yen a year earlier.
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But the maker of the Camry sedan and Lexus luxury models lifted its profit forecast for the full fiscal year ending in March 2026 to 2.93 trillion yen ($19 billion), citing better vehicle sales and cost-cutting efforts.
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The forecast would represent a 38.5% drop from the 4.77 trillion yen profit Toyota reported for the last fiscal year. It had earlier forecast 2.66 trillion yen ($17 billion) in profit for this year.
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Although tariffs are hurting its business, Toyota said its sales grew in the U.S. and its home market of Japan.
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U.S. tariffs on Japanese automobiles and auto parts fell to 15% in September from the 27.5% rate Trump initially orderd after returning to the White House. That’s much higher than the original 2.5%.
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Japan’s exports to the U.S., including vehicles, have plunged recently.
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But Toyota said its efforts, such as bigger sales, better model mix, cost cuts and smoother value chains, will add more than 900 billion yen ($5.8 billion) to the company’s bottom line in this fiscal year.
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“Despite the impact of U.S. tariffs, we have continued to build upon our improvement efforts such as increasing sales volume, improving costs and expanding value chain profits,” it said in a statement.
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During the six months through September, it sold more than 1.5 million vehicles in North America and 970,000 vehicles in Japan.
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First half sales grew 5.8% to 24.6 trillion yen ($160 billion). For the latest quarter through September, Toyota reported a 62% rise in profit to 932 billion yen ($6 billion) on 12.38 trillion yen ($80 billion ) in sales, up 8% on year.
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