Toyota boosts forecasts after record quarter

Japan’s Toyota Motor Corp boosted its full-year forecasts on Wednesday, after a surge in quarterly profits.

The world's top-selling car maker reported record operating profits of ¥1.44trn (£7.83bn) in the three months to September end, a 156% jump on the same quarter a year previously.

Toyota said it had seen robust sales in both its home market and overseas, which were further bolstered by the impact of a weaker yen.

As a result, it lifted its forecast for operating profits in the year to March 2024 by 50% to ¥4.5trn. Sales revenues are expected to come in at ¥43trn, up from an earlier forecast for ¥38trn.

Toyota’s shares closed 5% higher following the results.

On Tuesday, Toyota unveiled a further $8bn investment in its US battery plant in North Carolina, one of the largest outside of Japan.

Hybrids, which tend to cheaper that all-electric vehicles, account for around 90% of Toyota’s electrified car sales.