Toyota Posts Record Profits on Strong Sales and Cheap Yen

Toyota, Japan's largest automaker, posted a significant increase in profits for its fiscal first quarter due to favorable exchange rates and strong sales.

The company reported a net profit of 1.48 trillion yen ($9.4 billion), nearly double the 841 billion yen from the same period last year.

Quarterly sales rose by 10% to 13.5 trillion yen ($85 billion) as demand for Toyota's hybrid and electric vehicles remains strong globally, particularly in the US and India.

Chief Officer Takanori Azuma attributed the profit boost to a cheap yen, which added 345 billion yen ($2.2 billion) to Toyota's operating profit.