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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.

Car technology I'm thankful and unthankful for

The past few years have seen a surge of tech features in new vehicles — everything from cloud-based content to semi-autonomous driving. While some of it makes the driving experience better, not all tech is useful or well thought out. Automakers who are adept at drivetrains, ride quality and in-cabin comforts often fail at infotainment interfaces and connectivity. From testing dozens of vehicles each year and in the spirit of gratitude, here are three car tech features I'm thankful — and a trio I could live without. Thanks Connected search: This seems like a no-brainer since everyone already has it on their smartphones, but not all automakers include it in the dashboard and as part of their nav systems. The best ones, such as Toyota Entune, leverage a driver's connected device to search for a range of services and don't charge a subscription or require a separate data plan for the car. I also like how systems like Chrysler Uconnect use Yelp or other apps to find everything from coffee to gas stations and allow searching via voice recognition. Apple CarPlay and Android Auto: It took two of the largest tech companies to get in-dash infotainment right. While they have their disadvantages (you're forced to use Apple Maps with CarPlay, for example), the two smartphone-integration platforms make it easier and safer to use their respective native apps for phoning, messaging, music and more behind the wheel by transferring a familiar UI to the dashboard — with no subscription required. Heated seats and steering wheels: I really appreciate these simple but pleasant features come wintertime. It's easy to get spoiled by bun-warmers on frosty mornings and using a heated steering wheel to warm the cold hands. I recently tested a 2018 Mercedes-Benz E400 Coupe that also had heated armrest that added to a cozy luxury experience. Bonus points for brands like Buick that allow setting seat heaters to turn on when the engine is remotely started. No thanks Automaker infotainment systems: Automakers have probably poured millions into creating their own infotainment systems, with the result largely being frustration on the part of most car owners. And Apple CarPlay and Android Auto coming along to make them obsolete. While some automaker systems, such as Toyota Entune and FCA's Uconnect, are easy and intuitive to use, it seems that high-end systems (I'm looking at you BMW iDrive and Mercedes-Benz COMAND) are the most difficult.

Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.