Toyota's record profits clouded by signs of overseas slowdown

Hybrids drive solid growth in Japan, but Chinese consumers favor rival EVs

20230801N Toyota Prius

Hybrid models like the Prius accounted for most of Toyota Motor's growth in sales volume last quarter. © Reuters

KAZUHIRO NOGUCHI and KYOHEI SUGA, Nikkei staff writers

NAGOYA, Japan -- Although strong sales of hybrid and luxury vehicles boosted Toyota Motor's net profit to an all-time quarterly high in the three months through June, the automaker is showing signs of losing momentum in markets beyond Japan where electric vehicles are gaining ground.

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