TechLife Report

Toyota has registered record net profit of 31.9 billion US dollar in the year to March on revenues of 45.1 trillion yen, which was also an all-time high.

But the world's largest automaker by sales warned net income would fall 27.8 percent this financial year to 3.57 trillion yen because of investments, according to a statement.

The results for 2023-24 were helped by foreign currency effects, in particular the weak yen, as well as brisk sales, notably of hybrid vehicles. They exceeded the firm's forecast given in February of net profit of 4.5 trillion yen on revenues of 43.5 trillion yen.

Toyota's previous record annual net profit was 2.85 trillion yen in 2021-22. For revenues it was 37.15 trillion yen the following fiscal year. Last month Toyota said it sold 11.1 million vehicles across all brands in the 2023-24 fiscal year, up five percent and the first time they have exceeded 10 million.

A big factor was a 31-percent jump to 3.7 million in sales of hybrid vehicles -- combining internal combustion engines and batteries -- like the Corolla compact car and the RAV4 sports utility vehicle.