TOKYO, May 10 (Xinhua) -- Japanese automaker Toyota Motor Corp. said on Wednesday that its net profit fell 14 percent in fiscal year 2022 despite record-breaking sales.
During the fiscal period from April 2022 to March 2023, the sales revenue of Toyota Motor Corp. came in at a record-breaking 37.15 trillion yen, up 18.4 percent from the previous fiscal year, due to a weaker yen and strong global sales.
However, its net income declined 14 percent from a year ago to 2.45 trillion yen, while the operating income slid 9 percent to 2.73 trillion yen, the company said in its financial results.
The company attributed the declines to factors including soaring material prices.
For the fiscal year starting in April, Toyota Motor expects increases in both revenue and profit, with the operating income target at 3 trillion yen, according to the report.
"We expect an increase in sales volume in all regions and production volume of 10.1 million, due to such factors as the effects of improvement in semiconductor supply and efforts of production sites," it noted.
Amid faster steps towards carbon neutrality, Toyota aims to reduce new-vehicle CO2 emissions by more than 50 percent globally by 2035, according to Koji Sato, president and chief executive officer of the company.
Regarding battery electric vehicles, the company has set a pace of selling at least 1.5 million units by 2026 and plans to launch 10 models ranging from luxury vehicles to compact and commercial vehicles, said Sato. (1 U.S. dollar equals 135.27 Japanese yen) ■