Toyota (TM), the world’s largest automaker by production, reported blowout results for its fiscal year 2024, though investor response was muted as the company issued a conservative outlook, reflecting heavy investments that need to be made as its business transforms.

Toyota Motor Corp. gave a tepid outlook after recent scandals forced it to cut production, overshadowing a surge in hybrid sales that boosted profit to a record last year.

The Japanese carmaker projected a drop in fiscal-year profit on higher costs and announced a share buyback after posting stronger fourth-quarter net profit thanks partly to a weaker yen.

The weak yen was a big plus for Toyota sales, which makes the full-sized Tundra pickup and Sequoia SUV at its South Side plant.

Toyota has forecast a 20 per cent decline in annual profit as the world’s largest carmaker increases spending in electric vehicles and artificial intelligence in a bid to create a “game changer” to compete against Chinese rivals.

Toyota Motor forecast a 20% decline in operating profit for the current financial year on Wednesday, after reporting a blockbuster 78% profit increase in the fourth quarter that just ended. The world's top-selling automaker expects operating income to total 4.

Toyota said Wednesday that it enjoyed a record net profit of 4.94 trillion yen ($31.9 billion) in the year to March on revenues of 45.1 trillion yen, which was also

Profits rose at Japanese car giant Toyota for the fiscal year ending March 31, with the firm reporting that its net income attributable to the company hit ¥4.94 trillion ($32 billion) or ¥365.94 per share from ¥2.