Toyota Motor Corp. Senior Managing Director Takahiko Ijichi. center, is surround by reporters during a news conference at Toyota’s Tokyo head office Wednesday, Aug. 4. The world’s biggest automaker reported a quarterly profit of $2.2 billion, reversing from red ink a year earlier as global car sales recovered and raised its full year earnings forecast.
The world’s largest automaker now expects to sell 7.38 million vehicles worldwide for the year ending March 31, 2011. Previously it forecast sales of 7.29 million vehicles. The strong results come despite higher incentive costs in the U.S. and the negative impact of a strong yen. But the automaker has still not recovered completely from the recall of nearly 10 million vehicles, which tarnished its image in the American market. The company reported a 3.2 percent decline in global sales for July, lagging the industry for the month.
The carmaker raised its forecast for the year through March 2011, from 7.29 million vehicles to 7.38 million globally. The Japanese automaker saw a 70 percent jump in sales in Asia outside of Japan, and is increasing sales efforts in China, Brazil and India.
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