Toyota News Updates

Toyota raised its annual operating profit forecast 15% to $24.7 billion as quarterly earnings rose 34% on strong hybrid demand.

Toyota and Hyundai are pulling closer to Detroit’s marquee automakers in the U.S. auto market, boosted by demand for gas-electric hybrids and affordable vehicles.

Toyota and Lexus brand sales cratered 23% in the world’s biggest auto market in August on weak demand for gasoline and hybrid vehicles.

Hyundai aims to challenge Toyota in the hot U.S. hybrid market and defend against low-cost Chinese rivals in the rest of the world. 

Okuda served as president then chairman of Toyota from 1995 through 2006. He is especially remembered for having led the development of the gas-electric hybrid Prius, introduced in 1997.

The Japanese automaker recorded a $9.4 billion net profit in the April-June period. Quarterly sales rose 10% year on year.

Global sales in June fell 1.1% from a year earlier to 926,688 units, the company said in a statement July 30. Production climbed 2.2% to 984,408 vehicles.

Growing uncertainty over future U.S.-Mexico trade ties is stoking concern that more Mexican auto production could lose out to U.S. factories.

Management is arguing the automaker needs an all-hands overhaul, including a carve-out of the VW brand, to withstand mounting competition from Chinese rivals.

Toyota is moving some of the production of its popular Tacoma midsize truck from a plant in Mexico to San Antonio as part of a $3.6 billion investment in the facility.