Business / Corporate

Toyota quarterly profit rises on growing sales and cost cuts

AP

Toyota Motor Corp. reported a 28 percent surge in the last quarter on growing sales in Europe, Asia and the Americas and cost cutting. It raised its profit forecast for the full year.

The top Japanese automaker said Tuesday that its July-September profit totaled ¥585.1 billion, up from ¥458.3 billion the year before. Quarterly sales rose 2 percent to ¥7.31 trillion.

The manufacturer of the Camry sedan, Prius hybrid and Corolla subcompact forecast a ¥2.3 trillion profit for the fiscal year through March. That exceeds its earlier forecast for ¥2.1 trillion but is down nearly 8 percent from nearly ¥2.5 trillion in the previous fiscal year.

Toyota sold 2.183 million vehicles in July-September, up from 2.175 million vehicles the same period a year earlier.

Vehicle sales slipped in the U.S. and Japan but improved in Europe, the rest of Asia and Central and South America. The company stuck to its full-year forecast for selling 8.9 million vehicles globally for the year through next March.

Cost reductions and marketing efforts helped the results for the latest quarter, though an unfavorable exchange rate hurt, according to Toyota.

“We are steadily making progress toward achieving our challenge-level target,” Senior Managing Officer Masayoshi Shirayanagi said in a statement on cost-cutting efforts.

Toyota, often seen as representing iconic Japanese manufacturing, is trying to focus on artificial intelligence, autonomous driving, car-sharing services and other new uses of technology to keep up with changes in the industry.

Toyota President Akio Toyoda, a member of the founding family, has repeatedly said the carmaker’s business needs to change from merely making various vehicles to addressing all kinds of mobility needs.