Toyota drives to near-record profit despite sales drop

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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.

Written by Dennis Seid

November 6, 2013 at 8:45 am