Japan's Toyota Achieves Record High Net Profit of 9.4 Trillion Won from April to June

Surge in New Car Demand Centered on US and China Recovering from COVID-19

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Japanese automaker Toyota Motor achieved its highest-ever performance in the first quarter of this year (second quarter of the Korean fiscal year, April to June).

On the 4th, Toyota announced that its sales for the first quarter of fiscal year 2021 (April to June) surged 72.5% year-on-year to 7.9355 trillion yen (approximately 83.2 trillion KRW).

Net profit reached 897.8 billion yen (approximately 9.4 trillion KRW), about 5.7 times that of the same period last year.

Both sales and net profit marked record highs for the first quarter.

The rapid recovery from the economic downturn caused by COVID-19, especially in the U.S. and Chinese markets, led to increased demand for new cars, which is analyzed as the driving factor behind Toyota's performance improvement.

Last year, Toyota's global vehicle sales totaled 9,528,438 units, surpassing Germany's Volkswagen, which was the top seller in 2019, to take the lead.

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