Toyota Motor Corp. President Akio Toyoda said Wednesday the auto giant aims to earn more than ¥1 trillion in group operating profit as soon as possible as it tries to rebound from a record loss two years ago when it was hit by the global economic downturn and massive recalls.
The world's biggest automaker will recover to a 5 percent operating profit ratio even if sales decline to 7.5 million units and the yen trades at 85 to the dollar, he said. This compares with the current 2.9 percent based on an average dollar exchange rate of ¥86.
"This goal means we will maintain strong profitability, even if another big economic downturn hits and our sales fall by about 20 percent," Toyoda said during a news conference in Tokyo trumpeting the company's "global vision" through 2015.