Toyota Reports 78% Q4 Profit Surge, Record Annual Profit, Plans Share Buyback

May 8, 2024, 05:15 AM

Toyota Motor Corporation reported a significant 78% increase in its fourth-quarter operating profit, reaching 1.11 trillion yen ($7.2 billion), driven by strong hybrid vehicle sales and a favorable exchange rate. The company also announced a record annual profit for fiscal year 2023, posting an operating profit of 5.3529 trillion yen, the highest ever by a Japanese company. Despite these strong results, Toyota provided a cautious outlook for the upcoming fiscal year, projecting a 20% decline in profit due to increased investment costs and recent safety scandals that have led to production cuts. Additionally, Toyota announced a share buyback.