Toyota's Net Profit Reaches 23 Trillion Won Last Year, Up 10.2% Year-on-Year
[Asia Economy Reporter Ki-min Lee] Toyota of Japan announced on the 12th that it recorded a net profit of 2.2452 trillion yen (approximately 23 trillion won) on a consolidated basis for the 2020 fiscal year (April 2020 to March 2021).
According to Kyodo News, Toyota's net profit for the 2020 fiscal year increased by 10.3% compared to the previous year.
Despite the spread of COVID-19, sales recovered in key markets such as the United States and China, and profits increased due to cost reductions.
Toyota's sales revenue for the 2020 fiscal year was 27.2145 trillion yen (approximately 281 trillion won), down 8.9% from the previous year.
The forecast for vehicle sales in the 2021 fiscal year is 10.55 million units, exceeding the 9.92 million units sold in the 2020 fiscal year.
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Toyota also set a sales target of 8 million units for vehicles equipped with motors, such as hybrid cars and electric vehicles (EVs), by 2030, accounting for 80% of total vehicle sales.
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