Why Japanese Automaker Toyota Is Surging Today

Toyota Motor Corp TM reported H1 FY24 sales revenue rose 24.12% Y/Y to ¥22.0 trillion.

For the first half of FY24, total retail vehicle sales increased 8.3% to 5.596 million units, and production jumped 10.1% to 5.738 million vehicles.

Vehicle sales volumes rose 14.1% Y/Y to 4.7 million units (vs. 4.2 million units a year ago) on growth across all regions.

Toyota and Lexus vehicle sales rose 9.1% Y/Y to 5.2 million, and EV sales increased 38.1% Y/Y to 1.8 million.

Related: Toyota Unveils 1,000 KM Range Lexus EV Concept, Aims To Hit Roads In 2026

The operating income for the quarter increased to ¥2.56 trillion (from ¥1.14 trillion in the prior-year quarter). Marketing initiatives positively impacted the operating income by ¥1.290 trillion on the increase in sales volume, improved sales mix, and price revisions mainly outside of Japan. 

Net income for the quarter was ¥2.59 trillion versus ¥1.17 trillion last year.

The company held ¥7.93 trillion in cash and equivalents as of September 30, 2023.

FY24 Outlook: The automaker raised its outlook for revenue at ¥43 trillion (from ¥38 trillion) and operating profit to ¥4.5 trillion (from ¥3.0 trillion). 

Also Read: Toyota Pumps $8B More In North Carolina EV Battery Plant 

Price Action: TM shares are trading higher by 2.75% at $180 premarket on the last check Wednesday.

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