Business & Economy

Demand recovery, second hand sales double Toyota profits

Tokyo, Nov 4 (EFE).- Vehicle manufacturer Toyota Motor earned 1.52 trillion yen ($ 13.3 billion) from April to September, almost double than in 2020, thanks to the global increase in demand and support from the second-hand market.

The company posted a gross operating profit of 2.14 trillion yen, an increase of 194.2 percent year-on-year, and posted operating profits of 1.75 trillion yen, 236.1 percent more, according to its financial report published Thursday.

“The shortage of semiconductors and the impact of the pandemic in some countries forced us to reduce production globally,” Toyota Chief Financial Officer Kenta Kon said Thursday during the results presentation.

However, Kon highlighted the effort Toyota made together with suppliers, dealers and employees “to deliver as many vehicles as possible to our customers” and minimize the impact on the production chain.

“We have benefited from the high demand for vehicles in the market,” he explained about the good results for the semester, the first half of his fiscal year.

Other influencing factors included a favorable change in the yen and a reduction in costs. EFE


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