After reporting record earnings last year, Toyota Motor Corp. said Wednesday net profit could decline as much as 28% this year as it invests more in technology and its suppliers to ensure future growth. The news came as the world’s top-selling automaker reported its profit doubled in the fiscal year that ended in March as sales increased 21% and a favorable exchange rate lifted results.
From college dropout to auto exec: Susann Kazunas takes charge of Toyota’s San Antonio plant The company, which builds full-sized pickups and SUVs at a plant in San Antonio, also said it plans to buy back up about 3% of its outstanding shares. The announcement reversed a fall in its stock price that began as investors digested the leaner forecast. Still, results smashed market expectations. In its January-March fourth quarter, Toyota earned 997.
Toyota reaches milestone in North American electrified vehicle sales with help from S.A.-built pair It also has been a big beneficiary of cooling demand for electric vehicles in the United States, where more customers are embracing gas-electric hybrids, Toyota’s traditional strength. Still, Toyota stressed it was working hard to offer various kinds of electric vehicles, including battery EVs, plug-ins and fuel cell models.
Doglike robot symbolic of Toyota’s 20 years of progress in San Antonio In San Antonio, suppliers are a big chunk of Toyota’s impact. While it employs more than 3,800 people in its factory, its sprawling campus also houses an additional 5,800 workers who are employed by its suppliers. “We’ll make investments in order to firmly protect the supply chain,” Sato said. The company also said it plans to invest 1.7 trillion yen for growth this year in areas such as artificial intelligence and software.