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Thread: Toyota plans to double profits
05-10-2012, 09:41 AM #1
Toyota plans to double profitsToyota, the world’s second-largest automaker by vehicle sales after General Motors, has been languishing far below the heights it hit in 2008, when it raked in a record ¥1.72 trillion, or $21.5 billion.
But after posting a historic loss shortly thereafter in the global economic crisis, Toyota has struggled to grow, for reasons both of its own creation and beyond its control. First, a recall crisis greatly hampered a rebound, even as the economy pulled back from the brink; then an upswing in the yen weighed on Toyota’s profits.
Last year, Japan’s natural and nuclear disasters, as well as flooding in Thailand, wreaked havoc on production lines and again marred hopes of a robust recovery. Analysts say it may be difficult for Toyota to fully recover without shifting more production out of Japan, where the strong yen has made manufacturing much more expensive.
The Toyoda said Wednesday that net income for the 12 months through March had fallen 31 percent from a year earlier to ¥283.6 billion, largely because of the impact of those disasters and the strong Japanese currency.
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