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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.

Most reliable cars in America

For many people, the absolute worst thing they could experience with a car is for it to break or have a problem. The good news is there are cars that will ease the anxiety of their owners with infrequent trips to the shop. According to Consumer Reports, using data from its annual survey of subscribers, the following ten vehicles are the most reliable in the country, and are ordered from most to least reliable. Any of these vehicles should be a solid choice if the most important consideration in your car-buying decision is predicted reliability. That said, they aren't all vehicles that Autoblog's editors would recommend as fun to drive. We've provided links to our own driving impressions on these vehicles where possible. Also, if you care more about overall brand reliability than individual nameplates, check out the list of most reliable car brands. 10. Mazda CX-9 This three-row Mazda straddles the line where luxury begins and ends. It’s also pretty fun to drive for a family hauler. The fact that itÂ’s reliable to boot makes this an easy SUV to recommend. 9. Subaru Crosstrek Few vehicles define a segment quite like the Subaru Crosstrek. ItÂ’s a good buy, with class-leading ground clearance, tall seating position and good visibility, a surprisingly spacious cargo area, and multiple driving modes geared toward inclement weather and dirt roads. According to CR, it also sees fewer trips to the shop. 8. Toyota Highlander It wouldnÂ’t be a reliability list without at least one Toyota on it, and indeed the Highlander isnÂ’t the sole Toyota here. We especially like the Hybrid for its excellent fuel economy, but CR didnÂ’t break out its reliability list by powertrain. 7. Honda Insight The Honda Insight is a handsome, comfortable and affordable hybrid sedan. ItÂ’s also quite safe, and, according to CRÂ’s data, reliable. 6. Mazda MX-5 Miata Any Autoblog editor will happily profess their love for this Mazda MX-5 Miata. ItÂ’s an incredibly engaging roadster — at least when equipped with a manual transmission — that behaves a lot like the classic British and Italian roadsters of yesteryear. Thankfully, it doesnÂ’t share its European forebearsÂ’ penchant for breaking. 5. Cadillac XT5 One of the newer nameplates on this list, the Cadillac XT5 is also a hot seller for the American luxury brand. ItÂ’s also CadillacÂ’s most reliable vehicle. 4. Toyota Prius The Prius has been the face of Toyota efficiency for years now.

Toyota inks deal as global Olympic sponsor

Toyota has just scored a sponsorship with one of the biggest events on the planet – the Olympic Games. The company announced its position as a member of the TOP (The Olympic Partner) program, which takes effect in Japan next year and globally in 2017. The deal is slated to run through 2024. That means, if we're understanding the deal correctly, that we won't see as much official Toyota sponsorship at next year's Summer Olympics in Rio de Janeiro, while the company will enjoy a much more visible presence among American consumers at the 2018 Winter Olympics in Pyeongchang, South Korea. Unsurprisingly, the automotive giant's sponsorship will be in the mobility category, covering "vehicles, mobility services and mobile solutions," the company's press release said. Fuel cells are expected to play a big role. "We will do everything possible to fulfill our new role in The Olympic Partner program, and justify the trust the IOC has placed in us. The addition of a mobility category to the TOP Partner field is an important recognition for our entire industry," Toyota president Akio Toyoda said in a statement. "Under this Olympic flag, let us today reaffirm the power of sports to bring people together. And let us dedicate ourselves to creating a better world by promoting sports in the Olympic spirit of friendship, solidarity and fair play." "The IOC welcomes Toyota as a key partner for the provision of sustainable mobility solutions for the Olympic Games as outlined in Olympic Agenda 2020, our strategic roadmap for the future of the Olympic Movement," International Olympic Committee president Thomas Bach said. "Toyota is the world leader in its field, and this partnership signifies a strong commitment to the future of the IOC and the Olympic Movement. This is a milestone agreement in the implementation of Olympic Agenda 2020 because the focus of our cooperation is sustainable mobility, and Toyota will provide sustainable solutions for the entire Olympic Movement." Check out the official press release. Toyota Becomes IOC TOP Partner Tokyo, Japan, March 13, 2015-Toyota Motor Corporation (Toyota) today announced it has entered into a sponsorship agreement with the International Olympic Committee (IOC) to become part of The Olympic Partner (TOP) program. The agreement runs through to the end of 2024 in the mobility category, which includes vehicles, mobility services and mobility solutions.