Toyota Motor Corporation announced on Wednesday that its net profit reached ¥2.49 trillion for the business year that ended in March, surging 36.2% from a year earlier.
Annual sales jumped 6.5% from the previous year to ¥29.4 trillion, which is a record high as well. Toyota’s operating profit also rose 20.3% to ¥2.4 trillion. The Japanese automaker sold a total of 10.44 million units during last year, and it expects to sell 10.5 million units for the following year.
Summing up the brisk performance in the last business year, President Akio Toyoda said the results reflect “the true character” of Toyota’s continuous improvement — known as kaizen.
Toyoda said in the news conference that the company needs to push forward efforts to further avoid redundancies as the carmaker enters a “life-or-death battle” with technology companies — which he calls the company’s “new rivals” amid the rise of connected cars and autonomous driving.
“I believe that the accumulated results of steady, earnest, and thorough cost-reduction efforts, involving everyone, have begun to steadily become apparent in our financial results, little by little. The more we advance new technologies, such as those related to electrification, automated operation and connectivity, the broader the potential of automobiles will become. This will lead to an era in which Toyota’s strengths can be more fully employed.”