Toyota Motor Corp. (TM) has raised its full-year outlook after reporting that its fiscal second-quarter profit more than doubled from a year ago.
The world's best-selling automaker reported a record operating profit of 1.44 trillion yen ($9.5 billion U.S.) for the three months ended Sept. 30, up 155.6% from the same period of 2022.
Toyota attributed the profit surge to strong global sales of its vehicles and a weaker yen vis-à-vis the U.S. dollar and other major currencies.
Toyota said it sold more cars in all global regions, including the U.S. and Asia, compared to a year earlier.
In June of this year, Toyota announced a new electric vehicle (EV) strategy that includes improved battery life and driving range, as well as reduced costs on current and future EVs.
Toyota said it is benefiting from optimism about its EV strategy, as well as interest in its line-up of gasoline-electric hybrid vehicles.
Gas-electric hybrid vehicles, which tend to be cheaper than EVs, still account for more than 90% of Toyota's electrified car sales.
The company said that sales of its hybrid vehicles increased 41% to 888,000 units in the most recent quarter.
Along with its latest financial results, Toyota said that it plans to boost investment in a North Carolina plant that will make batteries for hybrids and fully electric vehicles by $8 billion U.S.
In terms of guidance, Toyota raised its full-year profit forecast to 4.5 trillion yen from 3 trillion yen previously. The new outlook is ahead of analysts' average forecast of 4.0 trillion yen.
The company also announced a 100 billion yen share buyback program that goes into effect immediately.
Toyota’s stock has gained 30% over the last 12 months and currently trades at $175.18 U.S. per share.
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