AutoBeta(AutoBeta.net)05/11 Report--

On May 8th Toyota released its joint financial report for fiscal year 2023 (April 2024 to March 2024). According to the financial report, Toyota's turnover in fiscal year 20234 was 45.09 trillion yen, an increase of 21.4% over the same period last year; operating profit was 5.35 trillion yen, an increase of 96.4% over the same period last year, another record high; pre-tax profit was 6.97 trillion yen, an increase of 89.8% over the same period last year; net profit was 4.94 trillion yen, an increase of 101.7%

In terms of sales, Toyota sold 11.09 million vehicles worldwide in fiscal 2023, up 5% from the same period last year, of which Toyota sold 9.443 million vehicles, up 7% from the same period last year; Toyota and Lexus electrified models (including HEV, PHEV, BEV, FECV) sold 3.855 million vehicles, up 35.3% from 29.6% in fiscal year 2022 to 37.4%.

Fiscal year 2023 was the first full fiscal year for Henji Sato at the helm of Toyota. It can be said that under the leadership of Henji Sato, Toyota handed over a satisfactory answer in fiscal year 2023. It is understood that Toyota's previous record operating profit was 2.99 trillion yen in fiscal year 2021, while it was 2.49 trillion yen higher in fiscal year 2023, making it the first listed company in Japan with operating profits exceeding 5 trillion yen, surpassing Softbank Corp. Group and NTT.

Toyota said that the increase in operating profit was mainly due to the increase in sales of electrified models centered on hybrid models, the improvement in the revenue structure brought about by the best-selling high-yield models, price adjustments in markets such as North America / Europe, changes in exchange rates, and its efforts to improve costs to hedge against rising raw material prices.

In fiscal year 2023, there were many incidents in Toyota, such as Hino tampering with emission certification, Dafa crash test cheating, Toyota textile engine emission fraud and other scandals, which not only affected Toyota's production and sales, but also damaged the company's reputation, which brought a lot of uncertainty to the development of Toyota. At the same time, Toyota has outperformed other Japanese companies in the world's largest car market, but it is under more pressure in the face of the rise of Chinese brands. Toyota sold 374000 vehicles in China in the first quarter of 2024, down 1.6 per cent from a year earlier, while Toyota sold 2.401 million vehicles in the global market, up 0.1 per cent from a year earlier, according to data.

To this end, Toyota's forecast for fiscal year 2024 is relatively negative. Toyota expects sales to rise 2 per cent to 46 trillion yen, operating profit down 19.7 per cent to 4.3 trillion yen and net profit down 27.8 per cent to 3.57 trillion yen. In terms of sales, Toyota expects sales of nearly 9.5 million vehicles in fiscal 2024, a slight increase compared with the same period last year. Toyota said that the change in performance, based on the transformation to a mobile travel company, Toyota will invest nearly 2 trillion yen. Among them, about 1.7 trillion yen will be spent on BEV (pure electric vehicle), artificial intelligence, software research and development, covering R & D investment and equipment investment, aimed at accelerating Toyota's SDV (Software defined vehicle) and BEV reform process.

Industry insiders point out that Toyota has a slow start in the field of electric vehicles and risks lagging behind its competitors. A few days ago, according to media reports, Toyota's joint venture in China will introduce PHEV in the next 2-3 years, and there is a good chance that the technical route will no longer follow Toyota's original model, but may adopt DM-i technology derived from BYD. According to the report, from the perspective of future product planning, there are about 2-3 models involved, but there is no further information on whether these products will be able to land as promised. In response, Toyota China responded, "Toyota will develop PHEV in China, but there is no exact news that can be announced for specific products and development models." It has been revealed that Toyota will hold a technical briefing on all-round electrification at the end of May, when Toyota will further disclose PHEV-related information.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat