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Toyota profits surge as carmaker holds its own in China

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Sales increase in all key markets despite Japanese group’s slow electric transition

Shares in Toyota briefly rose more than 3 per cent on Tuesday after it reported operating profits increased from ¥578.6 billion a year earlier to ¥1.12 trillion. Analysts had expected profits of ¥925.6 billion, according to S&P Capital IQ.

“Toyota did fairly decently in China for an overseas legacy automaker that barely sells any electric vehicles,” said CLSA analyst Christopher Richter. Mr Richter said Toyota was likely to upgrade its annual guidance in the next quarter and potentially announce a share buyback, after the group achieved 37 per cent of its full-year operating profit target in the first quarter.

 

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