Toyota's FY23 group operating profit tops 5 tril. yen, highest ever

Toyota Motor has posted a record operating profit exceeding 5 trillion yen for fiscal 2023, marking the highest figure ever for a listed Japanese company.

Operating profit nearly doubled from a year earlier to 5.3 trillion yen, or about 34.5 billion dollars. Strong sales of hybrid cars and the impact of the weaker yen were the main factors.

Net profit and sales were also at all-time highs for the Toyota group, which includes Daihatsu and Hino.

Sato Koji, President and CEO of Toyota Motor told a news conference that he believes "this achievement is a result of years of management focus on making quality products and building our business base."
He added that Toyota "will draw up further strategies that lead to sustainable growth."

Sato touched on misconduct uncovered at some group companies, and said Toyota's top priority for growth is to squarely face up to such issues.

Toyota also announced plans to invest about 2 trillion yen, or roughly 13 billion dollars, in this fiscal year to achieve sustainable growth.

About 11 billion dollars of that amount will be used to implement what the company calls a "multi-pathway" strategy to roll out various types of vehicles, including electric cars and hydrogen-powered models.