Toyota Becomes First Japanese Company to Report Net Profit of More Than \1 Trillion.

(From Journal of Japanese Trade & Industry (JJTI))

Toyota Motor Corp. marked a record-high \1.162 trillion in consolidated net profit in the fiscal year to March, an increase of 54.8% from the year before, making it the first Japanese company to attain a net profit eclipsing \1 trillion. On a global basis, Toyota's net profit follows those of Exxon Mobil Corp. and General Electric Co., both of the United States, and Britain's BP p.l.c. and is much higher than those of U.S. automakers such as General Motors Corp. and Ford Motor Co.

Toyota's vehicle sales worldwide grew 9.9% to a record-high 6.71 million units, with sales in North America, the largest overseas market for Toyota, gaining 6.1% to 2.1 million units and sales in Europe continuing to perform well due largely to the popularity of the new Avensis model. Steady rises were also seen in Japan, other Asian countries and the Middle East. Overall sales hit a record-high of \17,294.7 billion, a strong 11.6% gain.

In the North American market, Toyota has successfully raised the satisfaction of American customers and enhanced brand awareness among consumers on the strength of the close ties between its manufacturing plants and dealerships. Toyota became the second largest auto maker in global sales volume after General Motors last year, topping Ford Motor. In China, which is expected to become the main battlefield for global carmakers in the years ahead, Toyota formed tie-ups with Tianjin FAW Xiali Corp. and Guangzhou Auto Group Corp. in an unusually active move that surprised its peers because the automaker is widely known for its conservative corporate strategy.

Toyota has now become a "shelter" for the Japanese ...