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Toyota Motor Corp.’s quarterly profit through September totaled
573.7 billion yen ($3.7 billion), down from nearly 1.28 trillion
yen the same quarter last year.
Quarterly sales revenue rose slightly to 11.44 trillion yen ($75
billion) from 11.43 trillion yen.
Toyota, which makes the Camry sedan and Lexus luxury models,
apologized and suspended production on some models after
acknowledging wide-ranging fraudulent testing, including the use
of inadequate or outdated data in crash tests, as well as
incorrect testing of airbag inflation.
Fraudulent tests were also found at Toyota group makers Hino
Motors and Daihatsu Motor Co.
Toyota sold more than 11 million vehicles globally the previous
fiscal year. Toyota now expects to sell 10.85 million vehicles
for this fiscal year through March.
For the latest quarter, Toyota sold 2.3 million vehicles
globally, down from 2.4 million vehicles.
Toyota officials promised to do better by investing more in
“human resources and growth areas,” while pursuing what the
automaker calls “multi-pathway,” meaning it will push hybrids
and fuel cells as well as electric vehicles, depending on market
tastes.
Such investment in people will extend to its subsidiaries and
supply chains, they said. Vehicle production will recover in the
second half of the fiscal year, according to Toyota.
Japan production declined in the fiscal first half because of
“the need to address the certification issues and taking time to
reexamine our manufacturing environment and culture,” Chief
Financial Officer Yoichi Miyazaki told reporters.
Toyota production at its U.S. Indiana plant was halted
temporarily for recalls but is back up from last month, he said.
Toyota, based in Toyota city, central Japan, stuck to its full
fiscal year forecast for a 3.57 trillion yen ($23 billion)
profit, down from 4.94 trillion yen racked up the previous
fiscal year.
Among the Japanese automakers, Honda Motor Co. reports financial
results later in the day, while Nissan Motor Co. releases them
Thursday.
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