Toyota Motor Company has released a financial report for the second quarter of the year according to which the profits reached an all-time high, surpassing even those of its key rival, Volkswagen Group. The company says overcoming the consequences of Covid-19 and the semiconductor shortage were the main contributing factors.
In April–June 2023 (which is apparently considered ‘Q1 2024’ in Japanese accounting), the company has earned 1.31 trillion Yen, or 9.1 billion USD. The result exceeded that of the previous year by 78%.
Quarterly sales year-on-year have risen from 2 to 2.3 million vehicles. More than a third of this number – 34.2%, to be specific – fell on electrified vehicles, mostly hybrids.
Volkswagen Group has also delivered around 2.3 million cars in the second quarter of 2023, but reported a net profit of less than €3.8 billion, or $4.16 billion.
