Toyota lifts profit forecast to record 2.4 trillion yen


TOKYO (AP) Toyota was expected to see a nearly doubling of profit for the fiscal third quarter, and it lifted its annual profit projection through March to 2.4 trillion yen ($22 billion), a record high for the Japanese automaker.

Toyota Motor Corp. reported Tuesday, Feb. 6, an October-December profit of 941.8 billion yen ($8.6 billion), up from 486.5 billion yen the same period the previous year.

Quarterly sales rose 7.4 percent to 7.6 trillion yen ($69.8 billion).

The company said it got a nearly 292 billion yen ($2.7 billion) boost from tax breaks under President Donald Trump’s administration for the nine months through December.

Officials for Toyota — which makes the Prius hybrid, Camry sedan, and Lexus luxury models — said the manufacturer expected to sell 10.3 million vehicles globally this fiscal year.