Toyota targets 10% profit jump, robust EV sales as chip woes recede

The world's biggest car maker by sales forecast battery EV sales, including those of its luxury Lexus brand, will reach 202,000 worldwide in the current business year through March 2024 - up more than fivefold from just 38,000 units last year.

The growth plan was unveiled by new CEO Koji Sato, installed last month, and signals a more aggressive push towards electrification by the Japanese firm which has previously pursued a go-slow approach to all-electric cars, arguing its strategy would provide more consumer choice. That target came operating profit for the fiscal fourth quarter through March surged more than a third to 626.9 billion yen - easily ahead of the average 553.46 billion yen profit estimated by 10 analysts, according to Refinitiv data.

"We expect an increase in sales volume in all regions and production volume of 10.1 million , due to such factors as ... improvement in semiconductor supply," Toyota said in a statement. That would represent output growth of 11% versus the previous year.

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