Toyota has raised its annual net profit forecast by more than 10 percent.
It is now looking at the equivalent of 6.6 billion euros for the year.
That is based on strong sales, particularly in its biggest market the United States, as it shipped a record number of vehicles last year.
A fall in the value of the yen against other currencies is also helping.
Among Japan’s big three automakers Toyota, Nissan and Honda, analysts see Toyota as the most likely to benefit from a weakening yen because it has the highest ratio of production in Japan, more than half of which it exports.
But the world’s best-selling carmaker said it would not build any new factories over the next three years despite the pickup in its fortunes.
“It’s easy to confuse volume expansion with true growth as a company,” Senior Managing Officer Takahiko Ijichi told reporters.
“We’re getting rid of that way of doing business,” he added.
- 1Leaders sign off on pipeline to bring gas from Azerbaijan to Europe
- 2Australian government forced to think again on backpacker tax
- 3Eurostar sales fall after Paris and Brussels terror attacks
- 4Security concerns hit tourism industry, Thomas Cook shares slump
- 5How to receive EU funding for your SME’s dual-use project
Wires > Business
- 17:31 CET Volkswagen, U.S. make ‘substantial progress’ towards final deal -…
- 17:00 CET Shell faces rising investor discontent over executive pay
- 16:58 CET VW Financial Services raises 2016 profit guidance
- 16:53 CET Bank of England’s Carney, under fresh fire, defends Brexit message
- 16:50 CET Exclusive: Monsanto to reject Bayer bid, seek higher price -…
- 16:34 CET Adidas to return mass shoe production to Germany in 2017
- 16:30 CET UniCredit freezes Pioneer deal with Santander, awaits new CEO -…
- 16:26 CET Areva says talks with Finland’s TVO are ‘difficult’