Toyota’s 90 pc rise in profits

Manufacturing News, Source : TheManufacturer.com
Published : 30 Oct 2002 14:57

Toyota, Japan's biggest automotive manufacturer, has reported a 90 per cent increase in its half year net profits, compared to the same time last year.

Strong US and European sales contributed to the company’s ‘best ever’ figures for the first six months of a fiscal year.

Toyota president Fujio Cho said Toyota will continue to expand output at its Europe-based plants and expects to produce 100,000 Toyota-brand small cars annually starting in 2005 through a joint venture deal struck last year with PSA Peugeot Citroen. Toyota has about 4.4 per cent market share in Europe.

The company’s rising fortunes mirror those of Nissan, which raised forecasts for full-year profits last week. While Honda also reported improved quarterly profit last week with the warning of pressure from a US economic slowdown and stiff competition at home.

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