The stock price of Toyota, the world's largest automaker, has reached a historic high.
On February 6th local time, Toyota released its third quarter financial report for the fiscal year 2024 as of December 31st, 2023. According to the financial report, from October to December 2023, Toyota achieved sales revenue of 12.04 trillion yen (approximately 585 billion yuan), a year-on-year increase of 23.4%; Operating profit of 1.68 trillion yen (approximately RMB 81.6 billion), a year-on-year increase of 75.7%; Net profit was 1.36 trillion yen (approximately RMB 66.1 billion), a year-on-year increase of 86.5%.
Toyota's performance far exceeded analyst expectations. Previously, a survey conducted by the London Stock Exchange Group (LSEG) among analysts showed that analysts generally expected Toyota's operating profit for the third quarter to be 1.3 trillion yen.
Driven by performance, the US stock market closed on February 6th with Toyota Motor up nearly 8%, reaching a historic high of $218.66 per share, with a total market value of $295.8 billion.
Toyota Motor's Q3 2024 financial report, from official website
Toyota stated that its third quarter earnings exceeded analyst expectations due to the depreciation of the yen and strong sales of high profit and hybrid vehicles. Last year, Toyota's total sales once again exceeded 10 million vehicles, with hybrid vehicle sales accounting for about one-third.
Based on the strong performance of hybrid models, Toyota Motor Company President (Chairman) Akio Toyoda recently sang a chorus of decline in pure electric vehicles at the public opening. He said that it is expected that pure electric vehicles will only occupy up to 30% of the global market share in the future, and the remaining 70% of the market share will be occupied by hybrid vehicles, hydrogen fuel cell vehicles, and fuel vehicles.
Looking at the entire fiscal year, the financial report shows that as of the end of 2023, Toyota Motor's cumulative sales revenue for the first three quarters of fiscal year 2024 (April December 2023) was 34.02 trillion yen, operating profit reached 4.24 trillion yen, and net profit was 3.95 trillion yen. In terms of sales, Toyota sold a total of 7.295 million vehicles in the first three quarters of fiscal year 2024, a year-on-year increase of 12.4%. Among them, hybrid models account for 35.9% of the total sales.
Looking ahead to the entire fiscal year 2024, Toyota announced a nearly 9% increase in its operating profit forecast for the fiscal year. Specifically, Toyota has raised its sales revenue forecast for the 2024 fiscal year to 43.5 trillion yen, operating profit to 4.9 trillion yen, and net profit to 4.5 trillion yen.
In the Chinese market, Toyota has maintained sales of Toyota and Lexus due to stable demand for hybrid vehicles. However, due to exchange rate fluctuations and increased sales expenses, the operating profit of the Chinese subsidiary decreased by 19.3 billion yen to 138.7 billion yen in the first three quarters of fiscal year 2024. Toyota's previously released sales data showed that its sales in the Chinese market in 2023 were 1.9076 million vehicles, a year-on-year decrease of 1.7%.
In 2023, Toyota's subsidiaries Hino, Daihatsu, and others were constantly exposed to fraud scandals. However, Toyota still holds the position of the world's largest car company, with global sales reaching 11.2 million vehicles. In the past 10 years, except for 2020, which was affected by the epidemic, Toyota's annual sales have been over 10 million vehicles.