By Kosaku Narioka


Toyota Motor reported higher third-quarter net profit as sales grew thanks partly to strong demand and an easing semiconductor shortage, as it raised its fiscal-year earnings forecast.

The Japanese carmaker said Tuesday that net profit increased 87% from a year earlier to 1.358 trillion yen ($9.13 billion) for the three months ended Dec. 31.

For the fiscal year ending March, it projected that net profit would climb 84% to Y4.500 trillion, compared with its previous expectation of a 61% increase.

Third-quarter revenue increased 23% from a year earlier to Y12.041 trillion as sales grew in North America and Europe.

It trimmed its fiscal year forecast for group vehicle sales, including those of subsidiaries Daihatsu Motor and Hino Motors, to 11.23 million units, compared with the previous forecast of 11.38 million units.

The world's largest carmaker set a new sales record in 2023 as it recovered from a pandemic-driven slump and a global chip shortage. It sold 11.2 million vehicles globally last year, beating its previous high of 10.7 million units in 2019.

By comparison, the world's second-biggest automaker, Volkswagen, sold about 9.2 million vehicles worldwide last year.

Toyota is the first of Japan's major auto companies to report October-December earnings. Nissan Motor and Honda Motor are scheduled to report their results on Thursday.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

02-06-24 0000ET