TOKYO - Toyota Motor reported a surprise operating profit and kept its outlook for the full year intact, showing its resilience to the global automotive slowdown that has forced other major carmakers to post deep losses.
Although slim for an automaker with an annual output of 10 million vehicles, the results deliver on president Akio Toyoda's vow to remain profitable during the pandemic. Volkswagen, Ford Motor and other automakers have reported billions in losses as the pandemic decimated demand, underscoring Toyota's expertise in containing costs during both good and bad times. Tesla Inc.
The shares of Toyota climbed after the results, and were up 2.3 per cent at the close in Tokyo. The stock is down 12 per cent this year. The Nasdaq OMX Global Auto Index is up about 4.5 per cent over the same period. For the full year, Toyota kept its sales forecast at 24 trillion yen. Analysts are projecting, on average, annual revenue of 24.7 trillion yen.
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