Toyota raises annual profit forecast by 50% because of weak currency

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Toyota Motor reported a more than doubling of second-quarter profit on Wednesday, helped by a weak yen and strong sales, and raised its full-year forecast by 50%.

The world’s top-selling automaker said operating profit for the three months to the end of September rose 155.6% from a year earlier to 1.44 trillion yen ($9.52 billion).

The Japanese automaker said it sold more cars in all global regions — including the United States, Asia and its home market — over the six months to end-September compared to the same period a year earlier.

Toyota lifted its full-year profit forecast to 4.5 trillion yen from 3 trillion yen, largely due to favorable effects from foreign exchange rates. It expects the weaker yen to account for 1.18 trillion yen of the revision to the full-year profit.

Toyota shares, which were up 4.4% just before the release of the earnings, jumped immediately after and were later up 5.6% at 2,735 yen.

In the first nine months of the year, it sold 7.5 million cars, which included the Lexus luxury brand, nearly a third of them hybrids. It sold around 76,000 battery EVs, or about 1% of total sales, during the same period.

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