Toyotahas raised its full-year net profit forecast by 2.6 per cent, breaking with deepening pessimism at other Japanese carmakers as robust sales in North America offset the effect of an informal boycott of Japanese vehicles in China.
Toyota yesterday said it expected to earn a net profit of Y780bn ($9.7bn) in the financial year ending next March, up from a previous projection of Y760bn.
The Japanese carmaker was aided by its relatively small exposure to the Chinese market, a point on which it had been criticised. China has overtaken the US to become the world’s biggest vehicle market but Toyota has been slower than some rivals to throw resources into the country.
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