URGENT: Toyota lifts FY 2023 net profit forecast to 4.5 tril. yen

Economy

Toyota Motor Corp. on Tuesday lifted its net profit forecast for the year ending March to 4.5 trillion yen ($30.3 billion) from an earlier projection of 3.95 trillion yen, helped by higher production amid an easing chip shortage.

Sales are now forecast at 43.5 trillion yen compared to a previous estimate of 43 trillion yen, the automaker said.

For the nine months ended Dec. 31, its net profit more than doubled from a year earlier to 3.95 trillion yen on sales of 34.02 trillion yen, up 23.9 percent, both a record high for the period, Toyota said.

Kyodo News

Kyodo News