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Last Updated: Monday, 1 November, 2004, 10:35 GMT
Overseas sales boost for Toyota
Toyota Prius
Toyota's dual-fuel Prius hybrid is proving popular
Japanese giant car maker Toyota has posted a 11.4% jump in first-half net profits by clocking up stronger overseas sales.

Toyota faced unfavourable exchange rates given the weakness of the dollar, but its cars sold well nonetheless.

The company posted net profits of 584bn yen ($5.5bn; �3bn) for the six months to September. Sales rose 9.7% to 9.03 trillion yen.

Toyota's popular models include the Prius dual-fuel hybrid, and the Camry.

The firm has managed to increase its US sales through local production, and has spent less on attracting customers through discounting than its major US rivals.

Hybrid powers ahead

The Prius, which runs on both petrol and electricity, sold well in North America, where its popularity helped Toyota secure 12.1% of the US market.

That is "a record high" for the company, according to Toyota Motor senior managing director Takeshi Suzuki.

Toyota's total North American car sales rose 5.8% to 3.2 trillion yen in the first half, compared with the same period a year earlier.

Sales in Europe climbed 16.4% to 1.2 trillion yen.

Toyota also saw sales growth in Japan, up 5.2% to 5.8 trillion yen, which it said was the result of new products that are better tailored to the market and strong marketing efforts.

Toyota said the strong yen shaved 120bn yen from its interim profits, but that it benefited from restructuring savings worth 330bn yen.

All major car makers have carried out restructuring in recent years, and Toyota is now faring better than many of its rivals.

General Motors is cutting 12,000 jobs in a bid to turn around its loss making European division which has been undermining the group's profits.

Ford made a loss of more than $600m on vehicle sales in the three months to September, leaving its profits dependent on its motor sales financing arm.

Among Japanese car makers, Mitsubishi Motor's market share fallen amid safety fears and product recalls.

Separate figures released by the Japan Automobile Dealers Association on Monday showed Mitsubishi Motor's domestic sales in October were 49.8% lower than year-earlier.




SEE ALSO:
Toyota takes green car to China
15 Sep 04 |  Business
GM to cut 12,000 jobs in Europe
14 Oct 04 |  Business
VW resumes talks as profits fall
28 Oct 04 |  Business
Finance moves Ford into the black
19 Oct 04 |  Business
Toyota to open south China plant
07 Sep 04 |  Business
Japanese car exports power ahead
03 Aug 04 |  Business
Toyota makes trillion-yen profit
11 May 04 |  Business


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