Toyota Raises North American Earnings on Strong Recovery, Despite Languishing World Market
Toyota must be thanking its lucky stars that the U.S. loves its vehicles. Last year, an earthquake and subsequent tsunami in Japan sidelined the automaker, limiting its worldwide production as it recovered. But this year, there aren't any more excuses, and Toyota has a thoroughly reinvigorated portfolio to battle for sales in the U.S. It should come as no surprise then that Toyota has raised its earnings estimate on the back of strong sales, as it's up 45 percent through the first 10 months of 2012, with its U.S. operating profit doubling to $807.1 million. Toyota's global net profit has tripled to $3.2 billion, according to Automotive News. On the good news, Toyota's worldwide operations have increased its full-year projection by 2.6 percent to $9.7 billion profit for 2012. And this is despite significantly lower sales in the world's largest car market, China, caused by turmoil from territorial disputes and a drying-on-the-vine European economy. Toyota has a lot of stock in the U.S. and other parts of Asia, including emerging markets like India, and it appears to be paying off. In the U.S., Toyota sales, including Lexus and Scion, are up 16 percent through the first 10 months of 2012, with Lexus enjoying 13.9 percent of the U.S. luxury car market—up from 12.6 percent last year. With more hot products on the way, like the next-generation Corolla, RAV4, and Lexus IS, Toyota looks to expand its dominance on the sales charts. With the hardship it's facing in other parts of the world, it's going to need it. Source: Automotive News (Subscription required)
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