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Toyota rebounds, ups global sales target

autos Updated: Aug 03, 2012 23:08 IST
Toyota Motor Corp

Toyota Motor Corp on Friday posted its largest quarterly operating profit in four years and raised its global sales target spurred by demand for cars like the Camry and Prius in key markets such as the US and Japan.

The world’s top automaker reported an operating profit of 353 billion yen ($4.51 billion), from a loss a year ago, a better-than-expected result that underscored its rebound from the natural disasters that blighted 2011.

Toyota, which regained its crown as the world’s best-selling automaker in the first half of 2012, said it now expects to sell 9.76 million cars and light trucks in 2012, including the Daihatsu and Hino brands — up almost 2% from its previous forecast. The strong performance by Toyota contrasted with rivals Honda and Nissan .

“This was a good result with a boost from good demand in Japan and a lift from recovery in the US market,” said Koji Endo, managing director of Advanced Research Japan. “In addition to raising their sales forecast, they saw a contribution from their cost-streamlining efforts.”

Toyota’s profit for the quarter ending in June was higher than the average estimate of 314.1 billion yen based on eight analysts polled by Thomson Reuters.