Toyota Motor Corp. and Nissan Motor Co. are benefiting from a decline in the price of commodities like steel and rubber, which will make it cheaper to produce cars and give an extra boost to profits.

Seven analysts who cover the industry said in interviews that the automakers haven't fully factored declining global commodity prices into their earnings estimates for the fiscal year ending March.

Lower prices for materials such as steel may boost full-year net income at Toyota by more than $500 million, said Frank Schwope, an analyst at Norddeutsche Landesbank Girozentrale in Hanover, Germany.