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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.

Toyota recalls 370k Sienna minivans, 10.5k Lexus GS models over separate issues

The year of the recall continues, but this time it isn't from General Motors. Toyota is announcing two, separate recalls affecting a pair of its models.
First, Toyota is recalling 370,000 Sienna minivans from the 2004 to 2011 model years that are registered or originally sold in cold-weather states. The problem is that the spare tire carrier assembly cable can be splashed by water contaminated with road salt and cause corrosion. There is a splashguard in place to prevent this, but it sometimes gets lost in "normal usage," according to the company. If the cable does break, then "the spare tire may separate from the vehicle."
This is actually the second repair for this problem for some of these vehicles. In 2010, Toyota issued a recall on 600,000 Siennas from the 1998 to 2010 model years. At the time, it installed a new splashguard and sprayed the area with an anti-rust chemical. However, according to Toyota spokesperson John Hanson speaking to Autoblog, the campaign worked for the 1998 to 2003 models but wasn't sufficient for the newer ones. For the latest recall, the vehicles are getting the entire cable replaced with a stainless steel unit and a new splashguard.

Buy a Toyota GT86 and your wife will hate you

Marketing can be a very strange business. Convincing a man or woman (or child, really) that they absolutely cannot live without the latest, greatest new bit of technology oftentimes takes a unique approach. In the "online film promoting the Toyota GT86" you'll see below, created by agency Happiness Brussels, men are reverse-psychologied into thinking a new sports coupe will make them more masculine by getting their loved ones to hate them. Or something like that. We think.
In any case, we suggest you watch the video below to see how much fun men can have with a GT86 - or Scion FR-S or Subaru BRZ, presumably - at the expense of their significant others. Fair warning: There's a potential Not Safe For Work moment in the ad: beware of a brief male butt shot about 44 seconds in.
Marketing. Gotta love it. Unless you're married to a man. Or something like that. We think. Whatever, just watch.