Toyota Reports Second Consecutive Quarterly Profit Decline Amid Competition and Market Shift
AI-Generated Summary
Toyota Motor reported a second straight quarter of declining profits due to competition in China and a shift toward electric vehicles, despite a rise in net income.
Japanese automaker Toyota Motor on Wednesday reported a second consecutive fall in quarterly profit, as it navigates competition in China and a market shift toward electric vehicles.
The world's largest automaker by sales volume saw a nearly 28% year-on-year drop in operating profit during the quarter ended December.
The results mark Toyota's second consecutive year over year decline in operating profit after the company saw profit fall 20% year over year in the previous quarter.
Net income attributable to the company, however, jumped to 2.19 trillion yen from 1.36 trillion yen a year ago.
The automaker's consolidated vehicle sales for its financial third-quarter dropped to 2.44 million from 2.55 million units a year ago.
