Truck, SUV sales drive Toyota profits up by 4.4%

Toyota posted a forecast-beating 4.4% rise in first- quarter operating profits and raised its North America vehicle sales target for the year to the end of March, boosted by strong sales of SUVs and pick-up trucks in the US, its biggest market.

The world’s best-selling carmaker, said yesterday, that its first-quarter operating profit — covering the three months to the end of June — amounted to 692.7bn yen (€5bn), exceeding the 637.3bn yen mean estimate of 13 analysts surveyed by Reuters.

North America operating profit for the period rose 45% to 149.7bn yen, the company said, adding that cost cuts and a weaker yen also helped to bolster earnings.