Toyota Motor Corp on Thursday posted a surprise 22% rise in third-quarter operating profit, as a weaker yen and higher sales volumes helped the Japanese automaker overcome a jolt from soaring raw-materials costs.
"Vehicle sales are very strong, but costs are rising," said Koji Endo, senior analyst at SBI Securities. "Toyota has been gradually raising prices in the United States from around the second half of last year to offset that."
Vehicle sales rose across all major regions, with North America, its biggest market, showing the strongest growth of 16%, double the overall average of 8% gain. Toyota had previously expected to manufacture 9.7 million cars this fiscal year but lowered the target to 9.2 million in November and by another 100,000 cars on Thursday.
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