An assortment of new models, including the latest Avalon sedan, have helped drive Toyota's surge.
Toyota has substantially increased its earnings forecast for the current fiscal year, predicting profits now will triple when compared with what it delivered in the wake of the March 2011 Japanese earthquake and tsunami that nearly shut the maker down.
The maker has issued an advisory that it will deliver a net profit of 860 billion yen, or $9.3 billion for the current financial year, which runs through March 31st. It had previously anticipated earnings of 780 billion yen, or $8.5 billion.
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“We believe that our efforts have been bearing fruit and that we are finally on the road to sustainable growth,” said Takahiko Ijichi, senior managing officer at Toyota.
A variety of factors appear to be contributing. Of course, it helps to have gotten its factories back up and running after the shortages of 2011 which cost it 100s of thousands of units of lost production. But it doesn’t hurt, either, that demand has been soaring, especially in the key North America market.