2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
Toyota earned less in the first quarter of the fiscal year beginning April 1. In particular, the strong yen and weak US business made the world's largest automaker to create - despite increased sales.
The strong yen and the ailing US business are weighing on the Japanese automaker Toyota. The VW competitor earned less in the first quarter of its current fiscal year and had to lower its forecasts slightly. The company now expects an eight percent decline in sales to 26 trillion yen (230 billion euros), as it announced on Thursday in Tokyo.
The group now expects the surplus to decline by 37 percent to 1.45 trillion yen. In terms of the number of vehicles sold in the fiscal year, Toyota continues to assume 10.15 million units - that would be slightly more than in the previous year. In Asia, the new fiscal year begins on April 1st.
Strong yen - weak US business
In the first three months of the fiscal year, sales fell to 6.6 trillion yen, despite increased sales. The strong yen had a noticeable impact, and it more than eroded the growth achieved abroad. The profit fell by around 15 percent to 552 billion yen.
In the USA, Toyota is also struggling with the low oil price. This means that buyers no longer look so closely at the consumption values. Since Toyota vehicles use relatively little fuel, the Japanese cars were particularly popular at times. in this way, however, no benefit could even be drawn from the Volkswagen diesel affair. Despite the losses in the USA, the Volkswagen Group pushed ahead of Toyota in terms of sales in the first half of the year. (AG / dpa)