Toyota Motor Corp posted record quarterly profit in past 2.5 years on higher Asia sales. 19% profit increase was witnessed in the first quarter. Thus, Toyota beat its own quarterly performance in 2.5 years. Due to higher sales and reduction of cost in Asia, Toyota reached the record target.
The profit of Toyota in between April to June period was 683 billion yen or 6 billion. The retail vehicles sales globally increased by 1% to reach 2.6 million units in the specified quarter.
As demand for new Toyota Camry increased in the first 6 months of 2018, the sales in China surged by 5.4% and sales in Thailand went up by 26 percent. Total sales in China and Thailand helped in increasing the first-quarter profit in Asia by 40.2.
In North America, the demand for Toyota pickups increased including Tacoma and Tundra. Thus in the biggest regional market, Toyota’s sales increased by 3.2 percent.
In Japan, the sales dropped by 6.3 percent but profit surged by 24% due to a reduction in cost and increase in vehicles made in Japan.
Toyota is looking for a possible increase in U.S. auto import tariffs. If the tariffs increase, its cost of selling the vehicles will increase in one of the biggest markets in the world. In comparison to all other Japanese automakers, Toyota is the top seller in the USA.
In Pakistan, the car prices of Toyota keep on increasing due to rupee devaluation against the dollar. Even though it is quite disturbing but the sales of Toyota have not gone down. Reason being, that Toyota cars are loved by the people as they offer comfort and convenience.