Falling sales aren’t a good thing, but if your profit rises, that eases the news.
And that’s the case with Toyota, which said today its profit for the July-September quarter jumped 70 percent.
Those results were powered by a 12.2 percent jump in U.S. auto sales during the quarter, offsetting a drop in sales in Asia.
For the full year that ends in March, Toyota projects a profit of $16.95 billion, near its record profit in 2008 before the Great Recession’s impact hammered the auto industry.
And good news for North American production – which includes Toyota Motor Manufacturing Mississippi, which builds the Corolla: Toyota projects sales to increase to 2.63 million total vehicles, up from an earlier projection of 2.61 million.