TOKYO - Toyota Motor Corp. said Wednesday its net profit fell 14.0 percent in fiscal 2022 from the previous year to 2.45 trillion yen ($18 billion), the first decline in four years due to rising material costs.
Operating profit for the year ended March slid 9.0 percent to 2.73 trillion yen, although the Japanese carmaker posted record sales of 37.15 trillion yen on robust vehicle sales and a weaker yen that bloats its overseas sales when repatriated.
For the current business year through next March, Toyota expects net profit to increase 5.2 percent to 2.58 trillion yen as it expects growth in production capacity. Operating profit is projected to rise 10.1 percent to a record 3 trillion yen on sales of a record 38 trillion yen, up 2.3 percent.
The automaker recently had its first leadership change in 14 years with Koji Sato, a former Lexus division head, replacing Akio Toyoda as president at the world's biggest auto seller on April 1 as it accelerates its efforts in electric vehicle development.
Sato vowed to shore up its fledging all-electric car business at a press conference following the release of its earnings, while also saying Toyota will stick to its "multi-pathway strategy" to offer a wide selection of green vehicles, including hybrid cars and fuel cell vehicles.
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