Despite woes, Toyota quadruples its profits to US$1.2 bil

toyota prius model

Despite all the negative publicity brought about by all those massive recalls involving more than 11 million vehicles globally, as well as the corresponding sales drop in the US, the Toyota juggernaut continues to go about its merry way, at least financially.

The company’s second quarter profit for the year has jumped more than four times year-on-year, with the Japanese automaker reporting a profit of 98.7 billion yen (or US $1.2 billion) for the July-September period, up from the 21.8 billion yen (US $268 million) profit last year.

Toyota raised its profit forecast from an earlier 340 billion yen (US S4.2 billion) to 350 billion yen (US $4.3 billion) for the year ending March 2011. It lowered its sales forecast in the US, but revised its yearly worldwide vehicle sales forecast to 7.41 million vehicles, up from 7.38 million earlier, with the company expecting positive sales in Europe, Asia and Japan to offset the lowered numbers coming from the US.

In Japan, it continues to do well, as exemplified by the likes of the Prius hybrid, which again was the country’s best-selling car in October, the 18th straight month it has held the No 1 slot, this despite tumbling sales brought about by the expiration of government subsidies for eco-friendly vehicles in early September. A total of 21,769 Priuses were sold last month, 19.1% less than Oct last year, though the number was still good enough to keep it heads above Honda’s Fit, which was second on the list with 14,034 units sold.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • Theophilus Chin on Nov 08, 2010 at 12:56 pm

    Whose miniature Prius is that? 1:18 scale? or 1:24? Figurine included?

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    • Anthony Lim (Member) on Nov 08, 2010 at 1:19 pm

      Theo,

      Think it’s a 1:24. It’s sitting in a glassed sub-display in Toyota’s Commemorative Museum of Industry and Technology, in Nagoya.

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  • nabill on Nov 08, 2010 at 1:20 pm

    the guy in the picture looks like hes showing a middle finger !

    anyway , i guess when u have a good reputation behind ur brand , that brand will almost never fail….

    Like or Dislike: Thumb up 0 Thumb down 0
  • Not-Soul-Uncle on Nov 08, 2010 at 1:49 pm

    we are all forgiving people, you admit your fault and rectify it, you’ll gain respect and trust.

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  • Before anyone gets too excited about the Toyota’s profit windfall, you should check out where a significant amount of the income comes from. About 184billion yen from financial services, up from 59billion yen from the same period last fiscal year.

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  • Wisdom on Nov 08, 2010 at 4:39 pm

    So its true…

    Their recalls is a new marketing strategies. Now everybody wants to do recalls except manufacturers in Malaysia, because extended loan repayment period will burn trade-in value.

    Like or Dislike: Thumb up 0 Thumb down 0
  • mirror mirror on Nov 08, 2010 at 4:50 pm

    Many years ago the Japanese and Germans tried to dominate the world through war and suppression, all they get at the end was hatred, destruction and poverty.

    Years later they tried to dominate the world with innovative world class consumer and industrial goods, they get respect, admiration and plenty of profits.

    It shows that whether it is in selling cars or in courtship, you can never force the other party to like you, you can only win their hearts and soul over and they will stay loyal to you through the good times and bad. Very good results Toyota.

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  • alldisc on Nov 08, 2010 at 5:01 pm

    toyota prius… no.1 best selling japan for 18 straight months.

    tempting!

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  • elite on Nov 08, 2010 at 5:59 pm

    toyota struggle with recalls, while proton struggle against some company rebadging some 2nd rate car models.

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    • Agree..while proton struggle against some company rebadging some 2nd rate car models.

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  • callenish on Nov 08, 2010 at 6:53 pm

    there you go, the figure shut basher’s bad mouth… very unusual to see toyota related topic only have 10 comments after 6 hours :)

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  • arcana on Nov 08, 2010 at 7:01 pm

    well……since they are making good money……
    please remember to channel those funds to produce quality cars….like those made in 80’s to 90’s…..dam those were really good.

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  • cheku77 on Nov 08, 2010 at 8:04 pm

    good point to say here… good business will always base on cheaper cost with highest selling price… so we are buying cheap product at premium price. The best part we proud of being follower

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  • Fuelefficient on Nov 08, 2010 at 10:28 pm

    The No.1 favourite Hybrid Prius and good customer service won it for Toyota Good Profits. Hope they will channel these profits to give us much better cars and engines….Perhaps a “turbo hybrid”

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  • cheku77 on Nov 08, 2010 at 11:28 pm

    premium price pay for your good customer services… but end up with not so premium car… i wonder do we buy car to be in the best exclusive service centre?

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  • CP + HP = FP

    cheap parts + high price = fat profits

    duhh!!

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