Toyota Motor Corporation (TMC) announced its financial results for the first quarter, which ended June 30, 2024. Despite facing challenges such as last year’s vehicle certification scandal and legal issues over its hydrogen technology, Toyota Profits hit a record $8.9 billion in the first quarter. This 1.7% increase occurred despite a 1.9% global sales decline, thanks to strong North American sales and a weak yen. Key models like the new Crown and Camry boosted U.S. performance, showcasing Toyota Profits’ resilience.
Consolidated vehicle sales totaled approximately 2,252,000 units, a decrease of approximately 74,000 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 11.837 trillion yen ($75.9 billion), an increase of 12.2%. Operating income increased from 1.120 trillion yen ($8.2 billion) to 1.308 trillion yen ($8.4 billion), while income before income taxes was 1.872 trillion yen ($12.0 billion). Net income increased from 1.311 trillion yen ($9.6 billion) to 1.333 trillion yen ($8.5 billion).
In different regions, North America saw vehicle sales totaling approximately 705,000 units, an increase of 23,000 units, although operating income decreased by 22.6 billion yen ($144 million) to 100.7 billion yen ($645 million). In Japan, vehicle sales were approximately 421,000 units, a decrease of 111,000 units, but operating income increased by 184.5 billion yen ($1.1 billion) to 885.2 billion yen ($5.7 billion). Europe’s vehicle sales were around 291,000 units, an increase of 5,000 units, with operating income up by 41.8 billion yen ($267 million) to 123.8 billion yen ($793 million). Asia saw vehicle sales of approximately 436,000 units, an increase of 19,000 units, with operating income increasing by 57.7 billion yen ($369 million) to 244.6 billion yen ($1.6 billion). Other regions, including Central and South America, Oceania, Africa, and the Middle East, reported vehicle sales of approximately 398,000 units, a decrease of 10,000 units, with operating income decreasing by 46.9 billion yen ($300 million) to 33.6 billion yen ($215 million).
In the financial services sector, operating income increased by 24.5 billion yen ($157 million) to 169.0 billion yen ($1.1 billion). Including valuation gains/losses, operating income rose by 12.5 billion yen ($80 million) to 159.7 billion yen ($1.0 billion).
For the fiscal year ending March 31, 2025, TMC estimates consolidated vehicle sales will be 9.50 million units. Based on an exchange rate assumption of 145 yen to the U.S. dollar, TMC forecasts consolidated net revenue of 46.0 trillion yen ($317.2 billion), operating income of 4.3 trillion yen ($29.7 billion), income before income taxes of 5.07 trillion yen ($35.0 billion), and net income of 3.57 trillion yen ($24.6 billion).
These results highlight Toyota Profits’ strong performance and adaptability in challenging times. The company’s strategic management of currency fluctuations and focus on innovation have enabled it to maintain a competitive edge in the global automotive industry.
