Toyota's Profits Soar on Weak Currency and Strong Hybrid Demand
Toyota Motor reported a more than doubling of second-quarter profit, driven by a weak yen and strong sales, prompting the company to raise its full-year profit forecast by 50%. The automaker sold more cars globally and expects the weaker yen to contribute significantly to its revised profit projection. Toyota's shares rose following the announcement. The company is also investing $8 billion in a North Carolina plant to produce batteries for hybrid and electric vehicles. While Toyota has avoided the impact of EVs in China, it faces pressure in the Chinese and Southeast Asian markets due to rising Chinese investments and demand for electric vehicles.