Toyota raises ¥3.4T operating profit forecast and unveils $6.3B buyback
Business
Toyota just rolled out a massive $6.3 billion share buyback and raised its profit forecast for the year, now expecting ¥3.4 trillion in operating profit, up more than 10%.
The company also bumped up its sales outlook, with the revision reflecting changes in the external environment, including foreign exchange assumptions.
Toyota hybrids fuel growth amid challenges
Toyota's hybrid cars are still fueling its growth, especially in the US with global hybrid sales expected to top 5 million by 2026.
But there's tough competition in China from local EV makers like BYD, plus ongoing challenges with material shortages and production hiccups due to global tensions.