Toyota's Focus On Hybrids Rather Than EVs Allows It To Post Blockbuster Profits In Q4

Toyota Motor, opens new tab forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings.

Despite the leaner forecast, the results from the world's top-selling automaker smashed market expectations. Operating profit surged 78% in the January-March quarter. For the full year, it totalled 5.35 trillion yen ($34.5 billion) - the first time for a Japanese company to top 5 trillion yen, local media reported.

While Toyota has been boosted by a weaker yen, it has also been a big beneficiary of cooling demand for electric vehicles in some markets, such as the United States, where more customers are embracing petrol-electric hybrids, Toyota's traditional strength.

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