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Toyota Net Up, Though Operating Income Falls, Maker Forecasting Big Full-Year Increase

News comes as Japanese giant prepares to unveil new battery-car joint venture with Mazda.

by on Aug.04, 2017

Toyota posted an 11% increase in net earnings for the company's first quarter, beating analysts' forecasts.

Toyota Motor Corp. delivered an 11% jump in net earnings on Friday, though the maker said its operating profit tripped by roughly the same percentage during the first quarter of its fiscal year.

The numbers were better than industry analysts had predicted, nonetheless, and the Japanese giant raised by 16% its forecast for net income during the fiscal year ending next March 31, in part due to expectations for a weaker yen.

Financial News!

Toyota’s financial news was all but drowned out, however, by the maker’s confirmation that it will take an equity stake in smaller Japanese maker Mazda Motors Corp. The two companies also are expected to launch a new joint venture to produce electric vehicles while setting up a U.S. assembly plant that will cost $1.6 billion and employ as many as 4,000 workers after it goes into operation in 2021. (more…)