Toyota's quarterly profit quadruples
Wednesday, May 09, 2012
Toyota recently reported the profit it amassed over the first quarter this year quadrupled on a year-over-year basis.
The No. 1 automaker in Japan projected its profit to be $9.5 billion for the fiscal year ending March 2013 after it dropped 30 percent, or $3.5 billion, for the year ending last month. The surge could be attributed to the automaker recovering after tsunamis and other natural disasters hindered overseas production in 2011.
"Our vision is to establish a strong business foundation that will ensure profitability under any kind of difficult business environment," said Akio Toyoda, president of the company. "But thanks to the concerted efforts of our employees, suppliers and dealers, we were able to recover production and sales faster than anticipated and achieved a strong result."
The company is expected to sell 8.7 million vehicles this fiscal year, which would be 1.3 million more than the number of vehicles sold for the year that ended in March.
Toyota recently announced plans to sell the electric RAV4 sports utility model with batteries and motor from Tesla Motors, according to the San Francisco Chronicle. The vehicle will sell for $49,800 in California this year with plans to deliver more units over the next three years.
Investors can use their knowledge of Toyota's sales surge to help them in their online stock trading activities.
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