Cargo Business Newswire

Thursday, February 6, 2014

Toyota forecasts record annual earnings of $18.7B

Toyota Motors, the world's largest automaker, raised its forecast for the year ending March 31 to a record $18.7 billion, after reporting its profits quintupled last quarter.

Toyota's net income rose to $5.1 billion in the three months ending Dec. 31.

The carmaker is poised for a year of record earnings after years of struggle. President Akio Toyoda, grandson of Toyota's founder, has led the company back from vehicle recalls and natural disasters, positioning Toyota to invest in new technologies and expand production after saving a cash stockpile of more than $35 billion.

"Akio Toyoda should be proud of how he has come out of it," said Ashvin Chotai, managing director of Intelligence Automotive Asia in London. "His credibility has been enhanced now. This will provide him with much greater confidence to take even more decisive actions in the future."

Last month the car manufacturer set a target to sell a record 10 million vehicles this year, after leading GM and Volkswagen in worldwide auto deliveries for a second straight year.

For more of the Bloomberg story: bloomberg.com