Toyota raises outlook despite Chinese backlash

TOKYO - Toyota Motor on Monday raised its full-year net profit forecast by 2.6 per cent to 780 billion yen (S$11.9 billion) even after sales in China, the world's biggest car market, virtually halved following a popular Chinese backlash against Japan in a territorial dispute.

July-September net profit more than tripled to 257.9 billion yen on solid vehicle sales in North America and South-east Asia, beating an average estimate of 228.8 billion yen from six analysts polled by Thomson Reuters I/B/E/S. But this was because Japanese manufacturers were still struggling in the corresponding period a year ago from the aftermath of the March earthquake and tsunami.

Sales at Toyota and its two Chinese joint ventures dropped 49 per cent in September from a year earlier and 44 per cent in October. Honda's China car sales more than halved last month. But, with about 12 per cent of its global sales in China, Toyota has lower exposure there than Nissan and Honda.

Toyota's biggest market is the United States, accounting for close to a quarter of its total vehicle sales, followed by Japan. Toyota's US sales rose 16 per cent in October from a year ago, giving it, and its Lexus luxury brand, a 13.9 per cent market share, up from 12.3 per cent a year ago.

Shares in Toyota, valued at nearly US$135 billion - almost as much as Honda, Nissan and Hyundai combined - are up by a quarter this year, easily outpacing Honda's 4.5 per cent gain, while Nissan's are flat. The benchmark Nikkei share average is up almost 7 per cent for the year to date. - REUTERS

Source: http://www.todayonline.com/Business/EDC121105-0000101/Toyota-raises-outlook-despite-Chinese-backlash

metta world peace ron artest gladys knight private practice deion sanders creutzfeldt jakob disease the lone ranger