.jpg)
4 hours ago
1
Article content
TOKYO (AP) — Japan’s top automaker Toyota reported record sales for the fiscal year through March on Thursday, but its profit for the latest quarter faltered partly because of a certification scandal.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
Toyota Motor Corp.’s January-March net profit totaled 664.6 billion yen ($4.6 billion), down from 997.6 billion yen the same period a year ago. Quarterly sales totaled 12.36 trillion yen ($85.9 billion), up from 11 trillion yen.
Article content
Toyota has been strengthening the testing system of its vehicles after acknowledging wide-ranging fraudulent testing, including the use of inadequate or outdated data in crash tests, incorrect testing of airbag inflation and engine power checks.
Article content
Article content
Akio Toyoda, Toyota’s chairman and the grandson of the automaker’s founder, has apologized. The wrongdoing did not affect the safety of vehicles already on roads, which include the popular Corolla subcompact and Lexus luxury vehicles.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
But the scandal has been a major embarrassment for a manufacturer whose brand has been synonymous for decades with quality and attention to detail.
Article content
For the fiscal year through March, Toyota reported a 4.77 trillion yen ($33 billion) profit, down from 4.94 trillion yen the previous fiscal year.
Article content
Annual sales reached a record 48 trillion yen ($333.6 billion), up from 45 trillion yen. Toyota is forecasting sales of 48.5 trillion yen ($337 billion) for the fiscal year through March 2026.
Article content
Its profit forecast was less bullish, citing costs to meet carbon neutrality demands, as well as the impact of President Donald Trump’s U.S. tariffs on operating income, which was factored in tentatively at 180 billion yen ($1.3 billion), according to Toyota. That estimate covers April and May, meaning it could grow in coming months.
Article content
Consolidated vehicle sales for the fiscal year through March totaled 9.36 million vehicles, down slightly from 9.44 million vehicles the previous fiscal year.
Article content
Cost reduction and marketing efforts worked as pluses countering the negatives, including the production shutdown spanning several months in the U.S. due to quality issues, Toyota officials said.
Article content
Toyota also said the portion of electric vehicles it was selling was steadily growing. Sometimes Toyota has been criticized as falling behind in the global move toward EVs, partly because it has an extensive lineup of other kinds of green cars, including hybrids.
Article content
___
Article content
Yuri Kageyama is on Threads: https://www.threads.com/↕yurikageyama
Article content
English (US)