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TOYOTA
Toyota's profits plummet as yen, costs and US bite deeply
TOYOTA'S fiscal first-quarter profit has plunged 28 percent from the previous year as slipping North American sales, a strong yen and rising material costs dented earnings.
Toyota Motor Corp has so far avoided the kinds of deep losses racked up by United States auto makers, such as General Motors Corp and Ford Motor Co.
But even Toyota, Japan's top auto maker, is seeing the momentous pace of its sales growth slow amid a US downturn and soaring gas prices.
Toyota reported yesterday that its April-June profit fell to 353.66 billion yen (US$3.23 billion) from nearly 492 billion the same period the previous year. Quarterly sales edged down 4.7 percent to 6.215 trillion yen.
Toyota, which makes the Prius gas-electric hybrid and Lexus luxury models, has been running neck and neck in global vehicle sales with GM, which has been the world's top auto maker for 77 years.
Toyota sold 4,817,941 vehicles globally during the first six months of the calendar year, beating GM by 277,532 vehicles. Still, Toyota is foreseeing tough times ahead.
Last month, Toyota lowered its global vehicle sales plan for this calendar year by 350,000 vehicles to 9.5 million, blaming the sluggish North American market. The pace of Toyota's growth has been slowing to a 1-percent gain this year in contrast to a 6-percent climb in 2007.
For the latest quarter, Toyota sold 2.19 million vehicles worldwide, up 1.1 percent, or 24,000 vehicles, year on year.
Toyota's North American sales fell by 33,000 vehicles, or 4.3 percent, to 729,000. European sales were down by 32,000 vehicles, or 9.6 percent, to 301,000.
Koji Endo, auto analyst at Credit Suisse in Tokyo, said the troubles at Toyota in maintaining profits and vehicle sales were worse than it looked on the surface because of what he characterized as some bookkeeping stunts that were boosting the numbers. "The numbers on the surface don't look that bad, but when you look at what they are showing, the situation is extremely tough for Toyota," he said.
Toyota's vehicle sales in emerging markets are rising, though, with sales in Asia up by 40,000 vehicles, or 18 percent, to 262,000.
Toyota is in a better position than many of its rivals to ride out the gasoline-price crunch because it doesn't have as many trucks or other gas-guzzlers in its lineup.
Toyota Motor Corp has so far avoided the kinds of deep losses racked up by United States auto makers, such as General Motors Corp and Ford Motor Co.
But even Toyota, Japan's top auto maker, is seeing the momentous pace of its sales growth slow amid a US downturn and soaring gas prices.
Toyota reported yesterday that its April-June profit fell to 353.66 billion yen (US$3.23 billion) from nearly 492 billion the same period the previous year. Quarterly sales edged down 4.7 percent to 6.215 trillion yen.
Toyota, which makes the Prius gas-electric hybrid and Lexus luxury models, has been running neck and neck in global vehicle sales with GM, which has been the world's top auto maker for 77 years.
Toyota sold 4,817,941 vehicles globally during the first six months of the calendar year, beating GM by 277,532 vehicles. Still, Toyota is foreseeing tough times ahead.
Last month, Toyota lowered its global vehicle sales plan for this calendar year by 350,000 vehicles to 9.5 million, blaming the sluggish North American market. The pace of Toyota's growth has been slowing to a 1-percent gain this year in contrast to a 6-percent climb in 2007.
For the latest quarter, Toyota sold 2.19 million vehicles worldwide, up 1.1 percent, or 24,000 vehicles, year on year.
Toyota's North American sales fell by 33,000 vehicles, or 4.3 percent, to 729,000. European sales were down by 32,000 vehicles, or 9.6 percent, to 301,000.
Koji Endo, auto analyst at Credit Suisse in Tokyo, said the troubles at Toyota in maintaining profits and vehicle sales were worse than it looked on the surface because of what he characterized as some bookkeeping stunts that were boosting the numbers. "The numbers on the surface don't look that bad, but when you look at what they are showing, the situation is extremely tough for Toyota," he said.
Toyota's vehicle sales in emerging markets are rising, though, with sales in Asia up by 40,000 vehicles, or 18 percent, to 262,000.
Toyota is in a better position than many of its rivals to ride out the gasoline-price crunch because it doesn't have as many trucks or other gas-guzzlers in its lineup.
