Toyota Expects Large Recovery Due to 2nd-half Production Pickup; Production Near Normal After July

TOKYO, JAPAN (June 10, 2011) --Toyota forecast today that it will reach nearly normal production after July; it will begin making up for lost earthquake/tsunami production in October and finish the fiscal year ending March 31, 2011 with a 280 billion yen net profit. The news came at a press conference today inJapan. The company projects selling 7.24 million vehicles during the fiscal year approximately the same range as the past fiscal year in which it sold 7.30 million units.Toyota expects net revenues for the fiscal year of 18.6 trillion yen.
The company said it would lose about 800,000 units of production during the first half of the year, make up about 350,000 units during the second half for a net loss of 450,000 units as a result of the March 11 earthquake/tsunami. It said that while there may be some discrepancies between models and regions, production will be at near normal levels after July.
Along with positive news about production and profits,Toyota said it would aggressively invest in the future this fiscal year by increasing it’s spending on equipment and facilities along with research and development. Specifically, it forecast spending 720 billion yen, up 77.7 billion, on equipment and facilities, and 760 billion yen, up 29.7 billion, on R & D.
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