Toyota Raises Annual Forecast with Help from U.S. Sales
Toyota Motor Corp reported a 23.4 percent rise in quarterly net profit and raised its annual profit forecast more than 10 percent, largely due to a weaker yen and strong U.S. sales. Net income ending in March will exceed the previous 780 billion yen forecast, reaching a five-year high of 860 billion yen, or roughly $9.3 billion. Net profit is up 23.4 percent at 9.9 billion yen after recovering from the natural disasters that disrupted the supply chain. This profit is for the three months ending on December 31, 2012. Although revenue rose to 5.32 trillion yen, operating profit fell to 124.7 in the fourth quarter. The operating loss is said to be due to legal fees in North America and the payout of $1 billion to U.S. consumers claiming drops in value of their cars because of recalls. With an increase of 13.5 percent in deliveries of Toyota, Lexus, and Scion models, Toyota Motor Corp outpaced the industry's growth with demands rising for the Camry and Prius Hybrid. Toyota aims to sell 2.2 million vehicles in the U.S. in 2013, in comparison to the 2.08 million in 2012. Source: Automotive News
Earlier today, Subaru of America announced the pricing on their WRX and WRX STI Special Edition models.