Toyota Motor Corp. on Wednesday raised its net profit forecast for the year ending March to 4.52 trillion yen ($29 billion) from its earlier estimate of 3.57 trillion yen on the weaker-than-expected yen.
Sales are now projected at 47 trillion yen, a record high and up from a previously forecast 46 trillion yen, the automaker said.
In the nine months ended December, net profit rose 3.9 percent from a year earlier to a record 4.10 trillion yen on record sales of 35.67 trillion yen, up 4.9 percent.
The group, which includes truck subsidiary Hino Motors Ltd. and small-car maker Daihatsu Motor Co., sold 8.30 million vehicles in the nine months, down 3.1 percent from a year earlier.
Its group-wide sales for the year ending March were forecast at 10.85 million units, unchanged from its earlier projection.
Toyota forecasts the U.S. dollar and euro to trade at 152 yen and 164 yen on average over the current business year ending March, compared with its earlier estimates of 147 yen and 161 yen, respectively.
Toyota also said it will set up a wholly owned subsidiary to produce electric vehicles and batteries in Shanghai.
==Kyodo
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