Toyota Posts 155% Increase in Operating Profits as Global Sales Jump 13%

Alexi Falson

Japanese automotive giant, Toyota, has released some mega-impressive financial results for the third quarter of 2023, detailing a 115% increase in its operating profits and sales tallies rising 13% higher than the year before.

All up, Toyota produced 2.42 million vehicles – including those of its subsidiaries Daihatsu and Hino – marking a 13 per cent increase.Sales in North America rose by 15 per cent up to 703,000 vehicles, while European buyers snapped up 270,000 Toyotas in the third quarter of this year, marking a 17 per cent increase.

This impressive sales growth, combined with a weak Japanese Yen and a more aggressive production schedule has allowed Toyota to more than double its operating profit figures up to USD $9.65 billion – a 155% increase in its operating profits of $3.77 billion it posted a year previous.

This has led Toyota to revise its initial forecasts, with the company expecting 12-month operating profits to total USD $30 billion in 2023, a massive 65 per cent higher than originally estimated.Toyota’s global operating profit margins totalled 12.6 per cent in the third quarter of 2023, doubling that of its 6.1 per cent margins recorded in the third quarter of 2022.

Net income at Toyota tripled in the July-September period, standing at $8.58 billion compared to the $2.91 billion it posted at the same point last year, while revenue jumped 24 per cent up to $76.58 billion.

In terms of the powertrain mix, Toyota says that sales of its hybrid lineup have jumped 41 per cent up to 888,000 units, while sales of plug-in hybrid EVs (PHEVs) rose close to 90% in the past 12-months up to 39,000 units.

The company says that sales of electrified vehicles accounted for a 36.4 per cent share of the company’s global sales, a 9.1 per cent increased share over the previous 12-month period.

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