Toyota's Record Sales Amidst Scandal: A Mixed Fiscal Year
Toyota reported record annual sales of 48 trillion yen, despite a scandal affecting its quarterly profits. The automaker faced challenges from fraudulent testing and tariffs but adapted through cost reduction and marketing. Electric vehicle sales are on the rise, countering criticisms of lagging in the EV sector.
- Country:
- Japan
Toyota, Japan's leading automaker, has declared record sales figures for the fiscal year ending March, reaching an unprecedented 48 trillion yen. Yet, its quarterly profits took a hit, heavily overshadowed by a certification scandal.
The automaker faced a notable decrease in net profits for the January-March quarter, with figures dropping to 664.6 billion yen from the previous year's 997.6 billion yen. This decline coincides with acknowledgment of wide-spanning fraudulent vehicle testing, which rocked Toyota's reputation.
Despite these setbacks, including a production halt in the U.S., Toyota's strategy to reduce costs and ramp up electric vehicle sales showcases its resilience. Looking ahead, the automaker aims to meet new carbon neutrality targets and predicts sales of 48.5 trillion yen for the next fiscal year.
(With inputs from agencies.)
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