FILE - The Toyota Motor Corp. logo is seen, May 11, 2022, at a dealer in 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. Toyota Motor Corp.'s annual profit totaled 4.9 trillion yen , up from 2.45 trillion yen the year before, while its sales jumped 21% to 45 trillion yen , the company said Wednesday, May 8, 2024.
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. 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.