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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.

Trump declaration they're a security threat stuns Japanese automakers

TOKYO — Japan's automakers' lobby said on Tuesday it was dismayed by President Donald Trump's declaration that some imported vehicles and parts posed a threat to U.S. national security, as the industry braces for a possible rise in U.S. tariffs. Trump made the unprecedented designation of foreign vehicles on Friday but delayed for up to six months a decision on whether to impose tariffs to allow for more time for trade talks with Japan and the European Union. "We are dismayed to hear a message suggesting that our long-time contributions of investment and employment in the United States are not welcomed," said Akio Toyoda, chairman of the Japan Automobile Manufacturers Association. "As chairman, I am deeply saddened by this decision," Toyoda, president of Toyota, said in a statement. Trump has threatened to impose tariffs of up to 25% on imported cars made by foreign automakers, a move which automakers have argued would ramp up car prices, curb the global competitiveness of U.S.-made vehicles and limit investment in the country, the world's No. 2 auto market. The United States is a vital market for Toyota, Nissan, Honda and other Japanese car makers. Autos and components are among the Asian country's biggest export products. Most of Japan's major automakers operate plants in the United States. The Japan Automobile Manufacturers Association notes that its automakers build about 4 million vehicles a year in North America, or 75 percent of what it sells here. Many are built for export, helping lessen the U.S. trade deficit Trump is concerned about. Major automakers have announced a slew of investments in the United States since Trump took office in January 2017 and put pressure on the industry to create more U.S. jobs. For its part, Toyota has pledged to invest almost $13 billion in the United States between 2017 and 2021 to boost manufacturing capacity and jobs. This includes $1.6 billion for a vehicle assembly plant in Alabama jointly run with Mazda. Government/Legal Honda Mazda Mitsubishi Nissan Toyota Trump

Editors’ Picks March 2023 | Hot hatch galore and some great luxury SUVs

This month of Editors’ Picks sees us hand out a pair of nods to the best hot hatchbacks money can buy these days, the Honda Civic Type R and Toyota GR Corolla. You can read more about how they compare in our head-to-head comparison test, but both have their advantages, and we can highly recommend buying either of them. Then we head to Europe to recognize a couple of SUVs that just went through mid-cycle refreshes and came out on the other side just as lovable as they were before. In case you missed our previous Editors' Picks posts, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in January that earned an EditorsÂ’ Pick. 2023 Honda Civic Type R 2023 Honda Civic Type R front low View 34 Photos Quick take: The Honda Civic Type R embodies what at means to be a hot hatch. It's the best FWD car we've ever driven, and because it's a Civic, it excels with a spacious and pretty interior, too. This is the full package. Score: 8.5 What it competes with: Toyota GR Corolla, VW Golf R Pros: Sublime driving dynamics, magical shifter, gorgeous and utilitarian interior Cons: An expensive proposition, lacks basic luxuries like heated seats From the editors: Senior Editor James Riswick — "The Civic Type R is a resolutely composed performance machine that sufficiently builds upon the delightful man-machine interfaces found in the increasingly impressive trio of Civic Sport Touring, Civic Si and Acura Integra A-Spec. ItÂ’s even more fun and capable at higher speeds, yet remains just as forgiving and easy to drive. The 2023 Honda Civic Type R sure seems all grown up. Maybe itÂ’s because IÂ’m almost in my 40s, (ugh) but I see absolutely nothing wrong with this. The Type R magic is not lost." In-depth analysis: 2023 Honda Civic Type R First Drive Review: All grown up isn't so bad   2023 Toyota GR Corolla 2023 Toyota GR Corolla Circuit front three quarter low View 39 Photos Quick take: The GR Corolla is a serious performance machine that is sure to please any enthusiast with its brilliant driving dynamics. It's only let down by a cheap-feeling and small interior that doesn't lend well to daily driver duty.