Rolling in it: Toyota Profits Near All-Time Highs

By Matthew Askari | November 11, 2013
The world's largest automaker is getting larger. Toyota updated its profit forecast for the full year to 1.67 trillion yen, or $16.9 billion. Toyota currently sells more cars by volume than any other automaker, and both net sales and operating income have risen back up to the Japanese automaker's near record highs in 2008. Toyota executive vice president Nobuyori Kodaira said the weaker yen has greatly helped export revenue, and a number of cost-cutting measures have also begun to bear fruit. "Of course, the weakening yen worked in our favor, but the effort we and our partners put into driving down costs also led to this turnaround," he said.
At the heart of Toyota's cost savings has been a strategy similar to Volkswagen's—currently the world's number two automaker—based on its new global architecture. The program calls for the standardization of certain parts, so that they can be used across the range, and in several models. The 2015 Toyota Prius hybrid is to be the first model fully manufactured under the new architecture. And with profits rolling in, Toyota will continue to expand its green car programs. The automaker has been a pioneer in hybrid technology, and it hopes to expand its hydrogen fuel-cell car program, and have the first production model be sold in 2015.
Source: Toyota