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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.

Mystery shoppers love Infiniti, hate Tesla

Infiniti, followed by Lexus tied with Mercedes-Benz took the top two spots for best sales experience according to mystery shoppers from the latest Pied Piper Prospect Satisfaction Index, while EV manufacturer Tesla recorded the lowest overall score. Not surprisingly, premium brands dominated the top ranks. Including the three already mentioned, luxury brands occupied seven of the top ten spots and included Audi, BMW, Porsche, and the only American brand to crack the upper echelon, Cadillac. Toyota, Volkswagen, and Nissan rounded out the first ten positions. The news for domestic automakers isn't good. Aside from Caddy, the only other star-spangled automaker to score above the industry average is Chrysler. The rest of FCA, most of GM, and all of Ford fell below the line. But Pied Piper's mystery shoppers handed Tesla the biggest walloping – the company is ten full points below the next lowest brand, Volvo, and its score of 86 is 17 below the average of 103. It's baffling, considering the company's touted direct-sales model. "Tesla leaves me scratching my head," Fred O'Hagan, Pied Piper's president and CEO, told Wards Auto. "They own all of their stores, so you would think each one would be doing the same thing. But they're not. Tesla is consistent in its inconsistencies." O'Hagan added that there's a "huge variation" in Tesla's store-to-store effectiveness, and that in some cases, shoppers found showroom workers that acted more like "museum curators," Wards Auto reports. It might be popular to call Tesla the Apple of the car world, but based on Pied Piper's work, the brand has a long way to go to emulate the uniform shopping experience of an Apple Store. The news might be bad for Tesla, but even for the brands that scored below average, there's cause for celebration. Only Tesla and Mini lost points in this year's rankings, and only Mercedes and Lincoln held steady. Every other brand, including Infiniti, which topped the index for the first time, gained at least one point. The biggest improvements belong to Porsche, Land Rover, and Mitsubishi, which all jumped five points. Pied Piper's annual Prospect Satisfaction Index uses mystery shoppers – over 6,100 this year – from across the country to assess dealers and generate rankings from over 50 individual factors. News Source: Pied Piper via WardsAuto Green Audi BMW Cadillac Chrysler Infiniti Lexus Mercedes-Benz Nissan Tesla Toyota Car Buying Car Dealers study

Lexus exploring PHEV, full EV and fuel cell versions of LS flagship

After four years of rumors about a Lexus LS powered by a hydrogen fuel cell, the chief engineer of the flagship sedan says the carmaker's working on even more options. Toshio Asahi told Australia's GoAuto that three alternative powertrains — plug-in hybrid, full electric, and hydrogen — are "all on the table" for consideration. Asahi wouldn't give any timeframes, but whenever they arrive, additional drive options would fill out the LS range to better contend with the Germans. Years of reports predicted this fifth-generation LS would get hydrogen power. A Motoring article at the end of 2014 forecast a fuel cell LS to arrive by 2017. In 2015 Japan's Nikkei newspaper reported that Lexus was considering a fuel cell option to arrive in 2020, around the time of the Tokyo Olympics. Later that year, at the Tokyo Motor Show, Lexus showed off the LF-FC concept, powered by a cell and stack arranged for "optimum front-rear weight distribution for a sporty saloon." GoAuto said that during that show, a Lexus executive said an FCEV powertrain would end up in production "sooner than you think." The following year, Autocar reported we'd see a production version of the LF-FC "on sale before 2020" as a replacement for the LS, and last year, Lexus trademarked the name "LF-FC Concept." The intel gets murkier regarding plug-in hybrid and full electric versions. We now know Lexus is working on a more powerful hybrid system. The current hybrid produces a total system 354 horsepower and 258 pound-feet of torque using the same 3.5-liter V6 in the standard car as a base, though the standard car adds two turbos for 415 hp and 442 lb-ft. The coming hybrid will likely use the twin-turbo setup and could achieve two important ends: Smoothing out noted issues of powertrain refinement, and at least matching the power specs of Mercedes-Benz and BMW flagship plug-in hybrids. That hybrid LS would still miss out on the all-electric driving of its rivals. If there really is an LF-FC coming in the next two years, it would seem a perfect time to retire the conventional hybrid and introduce a plug-in version embodying the velvet sophistication Lexus is known for. The battery electric LS is a big question mark outside of Lexus HQ. Last year Toyota announced a breakthrough in solid state battery technology, the carmaker announcing it wanted such batteries on the market by 2022.