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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Lexus showing two concept cars at Pebble Beach

Lexus is readying itself for the Pebble Beach Concours d'Elegance, and for the occasion, the carmaker is introducing a new concept version of the LC in a striking color scheme. The Flare Yellow exterior paint is coupled with dark, forged alloy 21" wheels and a carbon fiber roof. The yellow color continues on the inside, as the alcantara door panels match the outside. The leather seats also feature yellow stitching, as do the instrument panel, the center console and the glovebox. The yellow car is the second stage in the Lexus LC Inspiration Series, and it was preceded by a blue LC500 in October 2017. Well, we say blue, but Lexus claimed the special paint itself had no blue pigment, and the impression of color was just the product of nano-structures embedded in the paint, which reportedly took eight months to produce. With the yellow paint, there are no such claims, but we wouldn't be surprised if Lexus told us it was made from crushed yellow pearls. In addition to the yellow LC concept, Lexus is also displaying a customized version of the UX 250h. The VIP Auto Salon-built UX, wrapped in blue, comes with exterior enhancements together with a sportier suspension and exhaust setup, as well as a custom bike rack that holds a Lexus F Sport road bike. View 8 Photos Related Video:

Auto News Recap for 9.9.16 | Autoblog Minute

A recap of the week in automotive news, including Honda Civic Type R spy shots, Toyota Supra spy shots, and a teaser of the Lexus UX crossover concept. Honda Lexus Toyota Crossover Autoblog Minute Videos Original Video honda civic type r supra hot hatch lexus ux concept