Profit down for Toyota Corp

Even the mighty Toyota can not go against the tide.

Toyota/Lexus/Scion Pressroom: Toyota Announces First Quarter Operating Results

Commenting on the results, Mitsuo Kinoshita, TMC Executive Vice President, said,"The financial results for this quarter were severe, due to our rapidly changing business environment, including exchange rates fluctuation such as the rise of the yen against the US dollar and soaring raw material prices."
Consolidated vehicle sales for the first quarter amounted to 2.19 million units, an increase of 24 thousand units compared with the same period last fiscal year.
In Japan, vehicle sales increased by 12 thousand units, to 512 thousand units. Vehicle sales in the domestic market increased due to strong sales of new models including the Crown and the Alphard/Vellfire. Export volume also increased due to strong demand in markets such as Russia, Australia and the Middle East. However, due to negative impacts such as exchange rate fluctuation including the yen appreciation against the US dollar, operating income decreased by 179.5 billion yen, to 217.1 billion yen.
Vehicle sales in North America totaled 729 thousand units, a decrease of 33 thousand units. Operating income decreased by 91.1 billion yen, to 69.1 billion yen including 67.5 billion yen of valuation profit on interest rate swap transactions. Although the US market, primarily the truck segment, is slowing down, Toyota earned a record high market share of 17.4 percent for this quarter. However, decrease in sales volume, the shift of product mix to compact cars, increase in sales expenses such as incentives and increase in reserves for bad debts, resulted in declining profits. Toyota will take swift actions in accordance with market changes by increasing the supply of models in high demand and launching new models.
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Toyota earns dependability JD powers award:

Toyota Motor Sales Earns 11 Awards in 2008 J.D. Power and Associates Vehicle Dependability Study
Lexus Leads Nameplate Rankings for 14 Years in a Row

August 7, 2008 – Torrance, CA - Toyota and Lexus models have earned 11 segment awards out of a possible 19 in the 2008 J.D. Power and Associates Vehicle Dependability StudySM (VDS), more than any other manufacturer for the third consecutive year. The VDS is one of many vehicle surveys which continue to consistently rank Toyota and Lexus at the top of their respective studies.
The VDS study tracks the number and type of problems owners have had with their vehicles over a three-year period, with this year's study focusing on the 2005 model year. Lexus was the top nameplate for the 14th consecutive year, with 120 problems per 100 vehicles (PP100). In the study, Lexus received six segment awards and Toyota earned five awards.


http://pressroom.toyota.com/Releases/View?id=TYT2008080797963