Toyota lifts profit forecast to record 2.4 trillion yen

In this Nov. 13, 2017, photo, Toyota Logo is seen at its showroom in Tokyo. Toyota Motor Corp. reported Tuesday, Feb. 6, 2018 an October-December profit of 941.8 billion yen ($8.6 billion), up from 486.5 billion yen the same period the previous year. (AP Photo/Koji Sasahara)
In this Nov. 13, 2017 photo, a visitor walks through at a Toyota showroom in Tokyo. Toyota Motor Corp. reported Tuesday, Feb. 6, 2018 an October-December profit of 941.8 billion yen ($8.6 billion), up from 486.5 billion yen the same period the previous year. (AP Photo/Koji Sasahara)

TOKYO — Toyota is seeing a nearly doubling of profit for the fiscal third quarter, and it lifted its annual profit projection through March to 2.4 trillion yen ($22 billion), a record high for the Japanese automaker.

Toyota Motor Corp. reported Tuesday an October-December profit of 941.8 billion yen ($8.6 billion), up from 486.5 billion yen the same period the previous year.

Quarterly sales rose 7.4 percent to 7.6 trillion yen ($69.8 billion).

The company said it got a nearly 292 billion yen ($2.7 billion) boost from tax breaks under President Donald Trump's administration for the nine months through December.

Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, said it expects to sell 10.3 million vehicles globally in this fiscal year, ending in March. That is about the same as what the automaker sold globally in the 2017 calendar year.

The fiscal year profit of 2.4 trillion yen, if achieved, will mark a 31 percent jump from what it earned the previous fiscal year.

For the latest quarter, Toyota's vehicle sales lagged on-year in North America. But they grew in Japan, Europe and other parts of the world, such as South America and Africa, compared to a year earlier.

Recently, Toyota picked as the site for its new U.S. plant Huntsville, Alabama — already a hub for the region's aerospace industry.

The plant is set to produce 300,000 vehicles per year, a combination of the Toyota Corolla compact car and a new small crossover SUV from Mazda. Production is targeted to begin by 2021.

Many states had competed for the project by the Japanese auto giants.

For the calendar 2017 year, Toyota sold 10.386 million vehicles. That trails the Renault-Nissan-Mitsubishi alliance, which brings together a French company with two Japanese automakers, which recorded global vehicle sales of more than 10.6 million vehicles last year. Volkswagen sold 10.74 million vehicles last year worldwide, a record for the German automaker.

___

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

___

This story has been corrected to show that sales rose, not fell, in Europe.

Must Read

Hong Kong election highlights rising anti-China...

Sep 4, 2016

Polls opened in Hong Kong Sunday for the specially administered Chinese city's most crucial...

China imports grow in August for 1st time in 2...

Sep 8, 2016

China trade showed unexpected strength in August in a positive sign for global economic growth

Air China removes mag with offensive article...

Sep 8, 2016

Air China says it has removed copies of its inflight magazine containing an article criticized as...

US tycoon's China scholarship project opens doors...

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

Alibaba fires 4 employees accused of stealing...

Sep 14, 2016

Four employees at Chinese internet giant Alibaba have lost their jobs after being accused of...

People also read these

China ratifies Paris climate deal ahead of G-20...

Sep 3, 2016

China announced on Saturday that it would formally enter the emissions-cutting agreement reached...

Obama and Putin meet in China amid struggle for...

Sep 5, 2016

US, Russia struggle to keep alive negotiations to end the bloodshed between U.S.-backed rebels

May says Britain still inspires confidence...

Sep 5, 2016

After meeting with other world leaders during the G-20 summit, British Prime Minister Theresa May...

Leader of Chinese protest village gets 3 years in...

Sep 9, 2016

The democratically elected mayor of a fishing village in southern China _ which became a focus of...

China, Russia launch South China Sea naval war...

Sep 12, 2016

China's military says the Chinese and Russian navies are launching eight days of war games in the...