Toyota sees profit climbing 5% this year under new management

Global output boosted as chip shortages ease; shares rise to five-month high

The world’s largest automaker sees global output for the 12 months up to March topping the record posted in the same period the previous year. (Photo by Akira Kodaka)

SAYUMI TAKE, Nikkei staff writer

May 10, 2023 14:08 JST

Updated on May 10, 2023 19:59 JST

TOKYO -- Toyota Motor expects a net income of 2.58 trillion yen ($19 billion) for the current business year through next March, up 5.2% from fiscal 2022, as the new management seeks to establish a profitable business model while making the investments needed to catch up with fast-moving competitors in electric vehicles and auto software development.

The Japanese automaker on Wednesday projected operating income of 3 trillion yen, up 10.1%, and revenue of 38 trillion yen, up 2.3%.