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Toyota more than doubles profit forecast as China sales rebound from pandemic

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Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/reuters/11/06/20201106-toyota.jpg"/><figcaption>FILE PHOTO: Toyota Motor Corp&#x27;s Prius PHV and Prius hybrid cars are seen on the assembly line at Toyota&#x27;s Tsutsumi plant in Toyota, central Japan, December 8, 2017. <em>Reuters/Toru Hanai/File Photo</em></figcaption></figure></div><p>TOKYO - Toyota Motor Corp more than doubled its full-year operating profit forecast on Friday, as vehicle sales rebound in China from a coronavirus pandemic squeeze earlier this year that contributed to a 24 percent slide in second-quarter earnings.</p><p>Japan&#x27;s top automaker said it now expects an operating profit of 1.3 trillion yen ($12.6 billion) for the year through March, 2021, up from the 500 billion it predicted previously. Operating profit for the previous financial year was 2.47 trillion yen.</p><p>That topped the 1.25 trillion yen average estimate for full-year profit from 26 analysts polled by Refinitiv.</p><p>For the second quarter, from July to September, operating profit fell to 506 billion yen from 662.4 billion in the same period a year earlier, according to Reuters&#x27; calculations, as sales dipped amid the coronavirus impact globally.</p><p>Although still weaker than last year, demand has bounced back, particularly in China, the world&#x27;s biggest auto market. Toyota and rivals are pinning recovery hopes on winning business there as China recovers from the pandemic faster than other countries.</p><p>Overall vehicle sales in China in September increased 12.8 percent, a sixth straight monthly gain, although sales were still 6.9 percent lower than the same time a year earlier. </p><p>Toyota has seen demand in China increase for its electric cars and Lexus luxury brand.</p><p>A senior Toyota executive in China said in September that annual global sales of electrified vehicles could reach 5.5 million in 2025, five years earlier than initially planned. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/advertorial/life/09/16/20/5-things-to-consider-before-buying-a-new-car">5 things to consider before buying a new car</a></li>	<li><a href="https://news.abs-cbn.com/business/10/22/20/toyota-innova-fortuner-other-models-covered-by-special-service-campaign-on-fuel-pump-concerns">Toyota Innova, Fortuner, other models covered by &#x27;special service campaign&#x27; on fuel pump concerns</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/39uIECTHZ4g?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Toyota Motor Corp more than doubled its full-year operating profit forecast on Friday, as vehicle sales rebound in China from a coronavirus pandemic squeeze earlier this year that contributed to a 24 percent slide in second-quarter earnings.</p>

Toyota Motor Corp more than doubled its full-year operating profit forecast on Friday, as vehicle sales rebound in China from a coronavirus pandemic squeeze earlier this year that contributed to a 24 percent slide in second-quarter earnings.