Toyota Posts Record Profit on Strong Car Sales and Weak Yen

Tokyo's Toyota reported a significant increase in profit during its fiscal first quarter due to strong car sales and a favorable exchange rate. The Japanese automaker saw its net profit nearly double to 1.48 trillion yen ($9.4 billion), up from 841 billion yen the same period last year.

The company's quarterly sales rose by 10% year-on-year to 13.5 trillion yen ($85 billion). A cheap yen, which has risen in value against the US dollar, added 345 billion yen ($2.2 billion) to Toyota's operating profit during the quarter.

Chief Officer Takanori Azuma stated that demand for Toyota hybrids remains strong globally, including in the US where models like the Camry and RAV4 are selling well. The company plans to boost hybrid and battery production through 2030 while reducing costs.