TOKYO — Toyota doubled its net profit in the fiscal year that ended in March, as strong vehicles sales and a favorable exchange rate lifted results for Japan’s top automaker.
Sales of hybrids performed well, although Toyota stressed it was working hard to offer various kinds of electric vehicles, including battery EVs, plug-ins and fuel cell models.A weak yen worked as a big plus for Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models. The U.S. dollar cost an average of 145 Japanese yen during the last fiscal year, up from 135 yen in the year before, according to Toyota.
Toyota said it will make key investments in areas such as research on technology in coming months to sustain long-term growth. Toyota needs to take up challenges in a way Sato described as more dramatic than Toyota’s trademark “kaizen,” which refers to day-by-day improvements that originate from the factory floor.Developing ecological vehicles while sticking to Toyota’s pristine reputation for safety and quality requires the company to “solidify the ground it’s standing on.”
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