Toyota (TM) stock is climbing higher on the back of upbeat guidance and the Japanese giant’s plans to set up a wholly-owned EV unit in China.
Toyota, the world’s largest automaker, reported fiscal third quarter revenue of ¥12.391 trillion ($80.95 billion), up 2.9% to despite lower vehicle sales. Net profit came in at ¥2.193 trillion ($14.21 billion), up 62% from a year earlier and topping estimates of around ¥1.175 trillion as compiled by Bloomberg.
Due to "strengthening earnings power” and “product competitiveness" among other things, Toyota said it now sees full year fiscal 2025 profit of ¥4.