Toyota posted 209.3 billion yen ($3.7 billion) in net income for the quarter ending June 30, according to a recent statement by the company. Profit has reached its highest in four years.
Strong vehicle sales and cost reduction efforts led to an increase in operating income from a loss of 108 billion yen to a total of 353.1 billion yen. Despite the yen’s appreciation against other worldwide currencies, Toyota managed to increase income by 461.1 billion yen from April to June.
Toyota’s renewed success can be seen in its sales numbers. With the success of its Camry and Corolla sedans, as well as the new Prius lineup, Toyota is back on the leaderboard. The Japanese automaker sold 4.97 million vehicles globally in the first half of the year, reclaiming its spot as the top-selling automaker in the world.
“In all regions, vehicle sales increased significantly due to strong recovery of demand which had suffered last year from the lack of supply caused by the Great East Japan Earthquake,” said TMC Senior Managing Officer Takahiko Ijichi.
In the U.S., sales last quarter went up 48 percent to 558,812 vehicles sold. Despite an economic downturn, Europe also managed to pull in money for Toyota. A total of 209,000 units were sold from April to June, increasing profit to 3.4 billion yen.
Toyota vehicle deliveries in Japan doubled last quarter as the Japanese auto market for green cars expanded. Toyota garnered 107.1 billion yen in profit from the region. Growth may slow in Japan, however, as government subsidies for fuel-efficient cars end. Asian markets outside of Japan, including China and India, contributed 101.5 billion yen in operating income.
By the end of the current fiscal year in March 2013, Toyota plans to have sold a total of 8.8 million vehicles worldwide. This will be led primarily by strong sales in Japan and North America.
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