Toyota Profits Surge on Strong Sales and Favorable Yen

Tokyo-based Toyota reported a significant increase in its quarterly profits due to strong sales and a favorable exchange rate. The automaker's net profit rose by nearly double, reaching 1.48 trillion yen ($9.4 billion) for the fiscal first quarter of this year. This is compared to 841 billion yen ($6.2 billion) during the same period last year.

Toyota's sales also saw a 10% increase year-over-year, reaching 13.5 trillion yen ($85 billion). The company attributed its increased profits partly to the cheap yen, which adds value to overseas earnings for Japanese exporters like Toyota. During the fiscal first quarter, the U.S. dollar was trading at around 160 yen, up from about 145 yen during the same period last year.

Chief Officer Takanori Azuma stated that demand remains strong for Toyota's hybrid vehicles in various global markets, including the U.S., where models like the Camry and RAV4 are selling well. The company aims to boost hybrid production through 2030 while reducing costs.