Toyota to get an earnings lift from hybrids as EV hype cools

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Toyota Profits News

Toyota Motor Corp,Electric Vehicle Market

NEW YORK, May 7 — Toyota Motor is expected to get a big lift from demand for hybrids when it reports annual earnings tomorrow, illustrating how the world’s top-selling...

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But the forecast record results, to be helped in part by a boost from the weak yen currency, belie the considerable challenges it faces in critical markets. In China it is pressured by a ferocious price war and in the US, the fallout from consumers grappling with higher borrowing costs. In February, the Japanese automaker raised its operating profit forecast for the financial year ended March 31 to 4.9 trillion yen , a result that would mark a record profit and an 80 per cent increase on the previous year.For the fourth quarter, it is expected to deliver an operating profit of 747 billion yen, according to the average of nine analysts polled by LSEG.

Toyota pioneered hybrids more than a quarter of a century ago with the Prius. They made up more than a third of the 10.3 million cars it sold in the financial year just ended, including the Lexus luxury brand.While strong in hybrids, Toyota remains a laggard when it comes to EVs, behind rivals such as Tesla and European and Chinese automakers.

 

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