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.