Toyota raise the bar. The Japanese car manufacturer revised its annual net profit estimates upwards by 2,6% to 780 billion yen (about 7,8 billion euros) from 760 billion yen previously, thanks to cost reductions to compensate for less good sales than expected. The positive correction comes despite the collapse in sales recorded in China between September and October due to Chinese consumers' hostile feelings towards Japan following the territorial dispute over Senkaku islands.
“It is very difficult to forecast sales in China. From our financial results, we estimate the impact at 200 vehicles” in the second half of the current year, said today a vice president of Toyota, Satoshi Ozawa.
At the same time Toyota has however also revised downwards global sales estimates for the fiscal year, which will close in March 2013. The figure dropped to 8,75 million vehicles, from 8,80 million. However, a slight strengthening of North American demand is expected (to 2,4 million cars from 2,38 million). On the other hand, the sales target in Europe drops to 790 vehicles from 830.
In the third quarter, the group's net profit more than tripled (to 257,9 billion yen) thanks to good sales in North America and Southeast Asia. Toyota said it now considers an average exchange rate on the dollar of 79 yen, up from 80 yen previously, and 100 yen on the euro from 101 yen.
