Toyota vehicle sales increases by 14 percent, indicating the biggest Q2 profit in four years
Toyota Motor Corp witnesses a 14% growth in sales, due to the increase in international vehicle sales and improvement in its business in North America.
Toyota, Japan’s biggest automaker witnessed an increase in their profit from 579.1 billion yen in July-September quarter of 2018 to 662.3 billion yen in 2019 in the same quarter. It is now the strongest second-quarter profit registered in the sales of Toyota, since 2015.
Based on the nine analysts of Refinitiv data, the average forecast for the July-September quarter was set at 592.3 billion yen.
The annual forecast of 2.4 trillion yen profit is still maintained by Toyota, which is slightly less compared to the last years of 2.47 trillion yen. This growth in sales has pushed the expectations to trade at 107 yen to the U.S. dollar, from the actual forecast of 106 yen.
During the July-September quarter, Toyota registered 2.75 million vehicle sales, increasing from 2.18 million in the previous year. North America is the biggest market of Toyota and there the sales increased by 5.6% and in Asia, it increased by 3.4%.
Trucks and SUVs are popular in the North America region and Toyota has been doing a good job there by producing vehicles that are more in demand.
The updated models of Toyota like Levin, Avalon, Camry sedans, and ES sedan have witnessed significant growth in sales in China, the world’s biggest auto market.
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