ALBAWABA – Toyota net profits hit $9.1 billion in the second quarter of the year amid “severe” competition in China, Agence France-Presse (AFP) reported Tuesday.
Global production rebounded after major supply disruptions in 2022, according to the Toyota report, despite Chinese rivalry.
The world’s biggest automaker by sales, reported Toyota net profits the three months to June surged 78 percent year-on-year.
Sales hit $73.9 billion, up 24.2 percent from a year ago.
Toyota, including its high-end Lexus brand, sold 2.538 million vehicles worldwide, up 8.4 percent from a year ago.
The figures beat market expectations, sending the company's stocks up almost 3 percent after the announcement, according to AFP.
Toyota said its global production in the first six months of 2023 reached a record 5.6 million units, while sales reached 5.4 million, reinforcing its position as the world's biggest carmaker.
However, the company is still experiencing delays for deliveries of new vehicles to customers, it added.
The company maintained its annual targets, including net profit of $18 billion and sales of $266 billion, as reported by AFP.
"The sales volume increased in all regions due to productivity improvement efforts promoted with suppliers, in addition to an improvement in the supply and demand situation for semiconductors, which continued for a while," the company said in a statement.
Toyota shares closed up 2.49 percent, AFP reported.
