Toyota's Profits Double, Raises Fiscal Year Forecast by 50% Amid Strong Global Demand and Weak Yen

Record-breaking 5.6 million vehicle sales goal set in the wake of $8 billion investment in new battery production plant, with plans for every Toyota and Lexus model to have an electric option globally by 2025.

Toyota's profits have doubled year over year in the first half of fiscal 2024, driven by strong global car demand and a weak yen, resulting in the company raising its full-year profit forecast by 50%.
The company has invested around $8 billion in a new battery manufacturing plant in North Carolina to focus on the electrification of its vehicles. This investment is a part of Toyota's larger commitment of $13.9 billion towards vehicle electrification.
Toyota plans to introduce an electric option for every model of Toyota and Lexus globally by 2025. It is focusing on investing in lithium-ion and next-generation solid-state batteries.
The company has set a target of selling 3.5 million battery-powered vehicles annually starting from 2030. It has also maintained its target of selling 11.38 million vehicles in the current fiscal year.
The weaker yen significantly contributes to Toyota's profits by boosting the value of overseas earnings through exports. The company claims that for every ¥1 depreciation against the dollar, the company benefits by ¥180 billion.