Toyota trounces GM and Ford
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Manufacturing News, Source : TheManufacturer.com
Published : 10 May 2005 19:23
The world’s second-largest automaker, Toyota, announced record sales and profits—a very different tale than those recently told US automakers General Motors and Ford.
Year to March net profit rose 0.8 percent at Toyota, to $11.15 billion, with operating profit up 0.3 percent, to $15.82 billion, on sales of $175.74 trillion, up 7.3 percent.
$2.17 billion was added to operating profit, while cost reductions added another $1.51 billion, due in large part to more effective marketing, said the company.
Sales in North America reached 2.27 million vehicles, an increase of 168 thousand vehicles, mainly due to the strong popularity of models such as the hybrid Prius.
“We are very proud that the company achieved increases both in revenue and income while continuing to make major investments in our long-term growth,” Toyota President Fujio Cho said.
Last month GM announced a loss of $1.1 billion in the first three months of the year, while Ford reported income of $1.21 billion for the first quarter of 2005, down 38.5 percent from $1.95 billion in the first quarter of last year, reflecting a sales drop in the Americas, and despite growth in Europe.
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