Japanese giant Toyota said on Tuesday that its annual net profit doubled from the previous year, mainly thanks to a rise in sales of hybrid vehicles, but it expects a sharp decline in the 2024/25 fiscal year due to heavy investment, according to the agency AFP.
The world’s number one carmaker posted a new record net profit of 4,944.9 billion yen (29.7 billion euros) for the financial year ended at the end of March.
But the car giant expects profit to fall 27.8% in 2024/25 as Toyota plans to invest heavily in human capital and new technology, according to a statement.
Also on Wednesday, premium carmaker BMW reported first-quarter net profit of 2.95 billion euros, beating expectations but down 19 percent from a year earlier due to rising costs.
The Bavarian group posted an operating margin (Ebit) of 8.8% at the end of March in its automotive division and still expects to achieve a rate of between 8.0% and 10.0% for the full year.
