Toyota Motor Financial Report: Net profit in Q2 of fiscal year 2024 fell 55% year-on-year

Toyota Motor released its financial report for the second quarter of fiscal year 2025 (July to September 2024), showing that its global sales fell 4% year-on-year, with total sales in the first half of the year at 4.556 million vehicles. In the second quarter, the company's net sales were basically the same as 11.44 trillion yen in the same period last year, but net profit fell sharply by 55% year-on-year to 573.77 billion yen.

Operating profit also fell 20% to 1.16 trillion yen.

Toyota Motor lowered its global sales forecast for 2024 to 10.85 million vehicles from 10.95 million vehicles in light of global economic fluctuations and supply chain challenges.

In September this year, Toyota's global sales were 923,311 vehicles, down 8% year-on-year, while the cumulative sales in the first nine months of this year were 7,899,345 vehicles, down 4.4% year-on-year.

In the Chinese market, sales in September were 160,457 vehicles, down 9.2% year-on-year, partly due to price wars caused by fierce market competition.

Toyota Motor Chairman Akio Toyoda expressed concern about a rapid shift to all-electric vehicles, saying it could lead to a large number of people working in engine-related jobs losing their jobs.

Zikuai Technology