Toyota sets new global sales record

The Japanese automaker always knows how to appeal to a large number of consumers. Its cars are affordable, reliable and beautifully designed, and as a result the brand sells a huge number of vehicles each year.

Like any other automaker, Toyota has faced the challenges of pandemic-related production line shutdowns and global supply issues, but it looks like it is feeling the effects of these problems to a lesser extent than many of its competitors.

According to the brand’s recently released financial results for the fiscal year ending March 31, 2022, Toyota recorded a profit figure of $24.6 billion (at current exchange rates). ).

This is up 36% year over year and is significantly higher than the previous record of about $17.6 billion, set in 2016. Revenue also increased significantly by 15% to around 257, 4 billion USD. Unsurprisingly, the Japanese automaker’s sales increased in the last fiscal year, with a 7.6% increase to 8.23 ​​million vehicles. However, this figure includes sales from other Toyota brands such as Lexus and Hino.

Toyota expects this positive sales growth to continue this year, predicting retail sales to grow 3.1% to 10.7 million units. However, operating profit is expected to fall to around $19.7 billion.

The reasons for this bleak outlook are continued Chinese shutdowns, rising raw material costs, inflation, and persistent supply problems caused by the ongoing conflict in Ukraine. “These factors will come together and make it difficult for the brand,” said Toyota communications director Jun Nagata. This fiscal year, it will be more difficult than other years to make an accurate forecast.”

The Japanese automaker also warned customers to be prepared for an increase in vehicle prices, especially in the context of a current shortage of supply, such as the new Toyota GR86 model that has been sold out in some markets. At the same time, natural disasters also affected the company’s output in some areas.

According to Carbuzz