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The Japanese automotive manufacturing Group attributes the +16% rise in net profit in the second quarter to cost reductions and rising sales in North America, its largest market.
Despite the headwinds in the international automotive market, Toyota has posted earnings above expectations at JPY585 billion (US$5.16 billion), up +28% year-on-year. The Japanese carmaker says it has benefitted from favourable dollar-yen exchange rates and expects the trend to continue.
The Group’s premium Lexus brand reached a sales record in China in August; up +59% to just over 17,000 units, mainly due to lower custom taxes on imported vehicles. Total sales in China for the Toyota Group increased +22.6% to 133,000 cars, while the overall market was down -3.8%.
Toyota says it plans to produce ten new 100% electric models within the next two years, and aims to ensure that any model it offers is available in electric version by 2025. Given the good performance in the first half of the year, and despite future “commercial uncertainties”, the Group has raised its earnings forecast for full 2018 to about US$20.55 billion. Upon the announcement Toyota’s shares at the Tokyo Stock Exchange rose by over +2%.