US Growth Boosts Toyota Bottom Line

07 February 2003

Toyota Motor nearly doubled its profits in its third quarter (ended December), as its US presence continues to grow.

The world’s number three auto firm posted Q3 net earnings of ¥216.1 billion ($1.8bn; €1.7bn; £1.1bn), jumping from ¥111.5bn in the same three months the year before. Operating profits rose from ¥307.8bn to ¥379.4bn, while vehicle sales jumped 13.2% to ¥4,180bn.

Although sales increased in all Toyota’s global operating regions, its most impressive growth was in North America, where it shifted 533,000 units in Q3, up 15.6%. Its Camry model was the biggest-selling passenger car in the US last year.

North America is proving such a growth market that Toyota now sells almost as many cars in the region as it does in its native Japan. For the third quarter, North America accounted for 33.7% of units sold, Japan 34.5%.

Data sourced from: Financial Times; additional content by WARC staff