Toyota Profit Soars on Strong Demand in US and India

Japanese automaker Toyota reported a significant increase in profit for its fiscal first quarter, thanks to solid demand in the U.S. and India combined with a favorable exchange rate. The company's net profit more than doubled to 1.48 trillion yen ($9.4 billion) from 841 billion yen the same period last year.

Quarterly sales rose by 10% year on year to 13.5 trillion yen ($85 billion), with the automaker expecting to sell more vehicles for the full fiscal year at 9.7 million vehicles, compared to 9.595 million the previous fiscal year.

Toyota's Chief Officer Takanori Azuma said demand remains strong for Toyota hybrids in various global markets, including the U.S., where the Camry mid-size sedan and RAV4 compact sport utility vehicle are selling briskly.