Toyota Quarterly Profits Up a Whopping 94 Percent
Earlier today Toyota Motor Corporation announced its first quarter financial results, increasing its quarterly profit by 94 percent to $5.6 billion in figures adjusted from Japanese yen. Net revenues increased by 13.7 percent to $63.3 billion, operating income increased from $3.5 billion to $6.7 billion, and income before taxes was at $7.3 billion. Net income taxes increased from $2.9 billion to $5.69 billion. Toyota Motor Corporation Managing Officer Takuo Sasaki said in a recent interview that, "Operating income increase due to the impact of foreign exchange rates and our global efforts for profit improvement, through cost reduction activities such as companywide value analysis, and through marketing activities such as enhancement of the model mix and pricing." In North America, vehicle sales increased by 26,309 units to 688,656 units old, although the operating income decreased by $353 million to $836 million. Operating income, excluding valuation gains and losses on interest rate swaps, managed to increase from $79 million to $1.04 billion. Looking at the United States, Toyota sales increased by 8 percent as the company managed to sell 1.3 million vehicles between January and July. July sales alone increased by 17 percent to 193,394 units, thanks to competitive leases and incentives. Source: Toyota, Automotive News
Hyundai announced the selling of the 1 millionth Santa Fe.