Japanese Car Giant Toyota Reported A Record Full-Year Net Profit

Company President Akio Toyoda announced on Wednesday, that the industry was facing 'profound change'.

Toyota also pledged to transform the auto giant into “a mobility company.”

The automaker said net profit jumped 36.2 percent to 2.49 trillion yen ($23 billion) in April-March.

However, in the current year, it expects that to fall 15 percent to 2.12 trillion yen.

“Toyota quickly recovered thanks to the US tax cuts and a weak yen for the last fiscal year,” Satoru Takada said told AFP.

Toyota said sales rose 6.5 percent to a record 29.3 trillion yen despite a 0.1 percent decline in vehicle sales by unit, and operating profit was up 20.3 percent.

It said it expected the market in developing countries to stay steady, with the market in emerging economies expanding gradually.

But it also warned of “profound transformation” in the industry as a whole because of “increasing, serious environmental issues and other social challenges, (and) technological innovation such as automated driving.”





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