Global Growth Gives Toyota 29% Rise in Profit — NYTimes.com

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Toyota Endo

Global Growth Gives 29% Rise in Profit

By TODD

Published: August 4, 2004

Aug. 3 Profit at Toyota jumped 29 percent in the quarter ended as the company, the world’s automaker, reaped the benefits of an global expansion with rising in every major market.

Toyota reported net of 286.6 billion yen ($2.59 or 86.22 yen a share, for the quarter June 30, compared with billion yen, or 64.83 yen a in the same quarter last on growing sales of minivans and vehicles in the United States and a big in sales in Asia.

Toyota’s for the quarter was slightly more the combined profits of General and Ford Motor for the same

»This result is exceptionally said Koji Endo, analyst at Credit Suisse Boston in Tokyo. »Almost time, in the last couple of the results are beating market by a relatively big margin.»

Toyota, also makes Lexus vehicles, said that it its profit for the fiscal year March 31, 2005, to remain last year’s record

»Toyota will continue its and work hard to maintain the levels of the fiscal year March 2004,» Ryuji executive vice president at said in a statement.

Toyota’s profit growth for the quarter ended was largely the result of increases in sales overseas, a 65 percent jump in sales in Those rising foreign more than offset the impact of unfavorable currency

After more than a of stagnant vehicle sales at Toyota is making a big push to sales overseas, building in China, Europe and the United Toyota’s president, Fujio has set a goal for the company to raise its of the global auto market to 15 by the end of next decade, from 10 percent now, which put it on par with industry leader Motors in sales volume. year, Toyota surpassed in global sales to become the second-biggest carmaker.

In the United Toyota shook off intense from Detroit makers who to offer large discounts on cars and trucks. In particular, sales of the Toyota Sienna and sport-utility vehicles like the RX-330, gave a lift to bottom line last analysts said. Toyota’s of the United States market to 11.9 percent for the first six of 2004 from 11 percent in the period last year.

Meanwhile, Toyota said it expand production of its Prius hybrid sedan by half to vehicles a month to meet for the fuel-efficient cars in the United It also said it would the introduction of the hybrid version of the RX-330 until early year instead of December

Toyota Endo

all, Toyota’s revenue for the ended in June increased 10 to 4.51 trillion yen ($40.75 from 4.09 trillion yen a earlier, as its global vehicle volume increased 12 percent to million vehicles.

Toyota’s sales in Asia for the quarter by two-thirds to 202,000 vehicles, its sales in Europe rose 6 to 247,000. In the crucial North market vehicle sales 12 percent to 572,000 vehicles.

The fact that Toyota was to simultaneously increase sales in all the major overseas markets in the quarter shows the company has adept at developing vehicles for different customers, analysts In the last few years, Toyota out a series of new minivans and S.U.V.’s for the States market, developed new and inexpensive sedans for Asia in Europe, unveiled sporty powered by the kind of diesel popular there.

»The has been very successful at the right products,» Mr. Endo »Toyota seems to be the only maker in the world whose are growing almost everywhere.»

For the year ending in March Toyota forecast global of 7.2 million vehicles, which be an increase of 7.2 percent from million in its last fiscal The company forecast North sales would increase 5.6 to 2.22 million vehicles.

Toyota said cost-cutting contributed to its profit growth for the The company is aiming to cut costs by 200 yen ($1.8 billion) for the year next March, mostly by the designs of new vehicles so that parts can be shared among models and assembly is easier. said such cost-saving increased its operating profit by 40 yen ($361 million) for the quarter ended.


Photo: Worldwide increases in every category Toyota’s profit higher for the quarter. A family considered the carmaker’s new Porte model in a showroom in Tokyo yesterday. by Franck Robichon/European Pressphoto W7)

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