Boosted by productivity gains, Toyota's sales rise in first quarter

01 Aug 2023 04:09pm
Bubba Wallace, driver of the #23 McDonald's Toyota, drives during practice for the NASCAR Cup Series Cook Out 400 at Richmond Raceway on July 29, 2023 in Richmond, Virginia.   Sean Gardner/Getty Images/AFP (Photo by Sean Gardner / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Bubba Wallace, driver of the #23 McDonald's Toyota, drives during practice for the NASCAR Cup Series Cook Out 400 at Richmond Raceway on July 29, 2023 in Richmond, Virginia. Sean Gardner/Getty Images/AFP (Photo by Sean Gardner / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
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TOKYO, Japan - Boosted by productivity improvement efforts promoted with suppliers, the Toyota Motor Corp said its first-quarter sales volume rose in all areas.

An improvement in the supply and demand situation for semiconductors also boosted the figures, said German news agency.

As a result of selling each car meticulously at prices that match the product appeal refined through Toyota's making ever-better cars initiative, operating income increased which helped reduce the impact of the sharp rise in materials prices, the company said.

Excluding the overall impact of foreign exchange rates, swap valuation gains and losses and other factors, first-quarter operating income improved 375 billion yen (US$2.6 billion) year on year. First quarter net income to company was 1.3 trillion yen compared to 736.8 billion yen, last year.

Operating income was 1.1 trillion yen, compared to 578.6 billion yen, prior year. Earnings per share was 96.74 yen compared to 53.65 yen. Sales revenue was 10.5 trillion yen, compared to 8.5 trillion yen, previous year.

Toyota Motor said consolidated vehicle sales for the period was at 2 million 326 thousand units, which was 115.5 per cent of consolidated vehicle sales for the same period of prior fiscal year. Toyota and Lexus vehicle sales was at 2 million 538 thousand units, which was 108.4 per cent of such sales, last year.

The sales of electrified vehicles also increased, with electrified vehicles constituting 34.2 per cent of total sales. For fiscal 2024, Toyota Motor Corp. projects: operating income of 3 trillion yen; and sales revenues of 38 trillion yen. - BERNAMA

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