Chinese sales boost Toyota’s profit
Sales in China of economical models such as the Corolla offset decline in North American purchases
Tokyo — Toyota’s quarterly profit edged up as demand for its bread-and-butter car models from cost-conscious Chinese buyers helped offset bleak North American sales, although the firm’s shares slipped as it cut its annual net income outlook. Japan’s biggest vehicle maker attributed the smaller forecast to unrealised losses from equity investments, but, in an indication that business was still strong, it kept its full-year operating profit view unchanged at ¥2.4-trillion ($22bn). The car maker posted Asian sales of 464,000 units in the third quarter, up 15% from a year earlier, as strong demand in China for its cheap-and-cheerful Corolla and Levin sedans continued into the end of 2018. Popularity of its luxury Lexus brand also helped it buck a broader slowdown in the world’s biggest auto market. Toyota’s global sales rose 2.8% to 2.71-million units, with Asia making up for the slack in North America, where its sales slid 7.5% to 680,000 units.
“When one region is underperformin...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.