TECH - Toyota's Blockbuster Report Amid The EV Slowdown Reflect Its Determination To Catch Up On Software | Benzinga
On Wednesday, Toyota Motor Company (NYSE: TM) reported a blockbuster fourth quarter to end its fiscal year, achieving records from sales to profits. While late in the EV race and significantly behind Tesla Inc (NASDAQ: TSLA), Toyota’s strength in hybrids came in handy as the EV hype cooled down. In late April, Toyota also revealed a partnership with Tencent Holdings Limited (OTC: TCEHY) in an effort to stay competitive. Besides using the help of Tencent to increase the appeal of its vehicles, Toyota is aware it needs a game change. But, such investments will weight on its near-term profits so the earnings guidance was not at all impressive.
A Blockbuster Fourth Quarter And Fiscal Year
For the January-March quarter, Toyota reported that operating profit surged 78%. What’s even impressive is that for the year, it totaled 5.35 trillion yen or about $34.5 billion, which is the first time for a Japanese company to surpass 5 trillion yen. Also for the full fiscal year, Toyota recorded a ...