Toyota Records Historic Profits, Driven by Hybrid Sales and Weak Yen

May 8, 2024, 09:00 AM

Toyota Motor Corporation has reported a significant increase in its financial performance for the fiscal year 2023, posting record profits driven by robust sales of hybrid vehicles and favorable foreign currency conditions. The company's fourth-quarter operating profit surged by approximately 78%, reaching 1.11 trillion yen ($7.2 billion), primarily due to a weak yen and strong sales. For the entire fiscal year, Toyota achieved an operating profit of 5.3529 trillion yen, marking the highest of any Japanese company in history. Additionally, the automaker recorded a net profit of 4.94 trillion yen ($31.9 billion).