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Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.

VW targeting 10M sales in 2014

Volkswagen Group believes it can sell over 10 million vehicles in 2014, with hopes of overtaking Toyota as the world's largest automaker in the process. If VW can do it, it would meet that goal four years earlier than planned. Of course, Toyota isn't sitting still - it also hopes to top the 10 million-car threshold this year and has the advantage of already holding the top spot.
"With rising volume and new models, we will increasingly see positive earnings effects as well," said VW Group CEO Martin Winterkorn during its annual press conference, according to Automotive News. The company is spending huge amounts of money to propel it to the top, investing 84.2 billion euros ($117 billion) through 2018, and according to AN it plans to introduce over 100 new models worldwide among all of its brands by the end of next year.
The German automaker may get an extra boost as the European car industry shows signs of emerging from its yearlong stagnation and China continues to grow. In January, VW Group was up 8.5 percent in Europe and 15.5 percent in China, according to its own figures. However, the US has been slowing with Volkswagen brand sales down 19.04 percent in January and down 13.81 percent in February.

Toyota Recalling 516,000 Vehicles In Three Recalls

Toyota said Thursday it's recalling 516,000 vehicles worldwide - including 430,500 in the U.S. - for three separate safety problems, including brakes that can activate without warning. The company said it has no reports of accidents or injuries due to the defects. In all three cases, the company will alert owners and dealers will repair the issues for free. The largest recall, of 450,000 Sienna minivans from the 2004-2011 model years, targets vehicles sold in cold weather areas. Toyota said road salt can corrode the spare tire carrier under the vehicle and the tire can fall off. Siennas from the 2004-2010 model years were for the same issue in 2010, and a splash protector and anti-rust protection were applied. But the company says the splash protector can fall off and rust can still occur. The recall involves 370,000 minivans sold in the U.S., 80,000 in Canada and 400 in Europe. Also recalled Thursday were: - 16,000 Lexus GS 250 and 350 sedans from the 2013 model year because a manufacturing defect can cause the brakes to activate without warning, and without turning on the brake lights. Most of the vehicles - 10,500 - were sold in the U.S. Also included are left-hand-drive sedans sold in Canada, China and Europe. - 50,000 Highlander and Highlander hybrid SUVs from the 2014 model year. Toyota says a software glitch may prevent the vehicle from properly calculating the size of the front passenger when determining whether to fire the air bags. The affected vehicles assume the passenger is smaller, so the bags may not fire or they may fire at a lower speed than necessary for a larger passenger. Toyota says most of the affected vehicles - 45,287 - were sold in the U.S. Around 3,400 were sold in Canada and the rest were sold in Mexico and Europe. Related Gallery AOL Autos Test Drive: 2014 Toyota Highlander Recalls Toyota