Toyota Motor Corp.
is on track to recapture its No. 1 global rankingafter raisingits annual sales targetFriday to a record 9.76 million vehicles and reporting astrong recovery in quarterly profit from last year, when Japan was struck by natural disasters.
Toyota'snet profit for the April-June quarter surgedto 290.3 billion yen, or $3.7 billion,from 1.1 billion yen, or $12.5 million, a year earlier, on a 60 percent rebound in revenue.
"In all regions, vehicle sales increased significantly due to strong recovery of demand, which had suffered last year from the lack of supply caused by the great east Japan earthquake," said ToyotaSenior Managing Officer Takahiko Ijichi.