Xinhua News Agency, Tokyo, February 6 (Reporter Qian Wei) Japan's Toyota Motor Corporation announced on the 6th that the fiscal year 2016 (April 1, 2016 to March 31, 2017) financial report showed that the yen depreciated and the car sales were strong. Driven by factors, the company's net profit for the fiscal year will reach 1.7 trillion yen (1 US dollar is equivalent to 113 yen), higher than the previous forecast of 1.55 trillion yen.
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The report also showed that in FY2016, the company's sales increased from the previous forecast of 26 trillion yen to 26.5 trillion yen, and operating profit was raised from 1.7 trillion yen to 1.85 trillion yen. Despite this, compared with FY2015, the company's operating profit fell sharply by 35.2% in FY2016, net profit fell by 26.5%, and sales fell by 6.7%.
Toyota's upward revision of its performance forecast was mainly due to the significant depreciation of the yen. According to calculations, Toyota will suffer a loss of 40 billion yen for every yen raised against the US dollar. At the same time, Toyota's sales in Asia, Europe and North America increased during the fiscal year.
According to "Nihon Keizai Shimbun", Toyota and Suzuki, two major Japanese automakers, have basically reached an agreement on comprehensive cooperation in the research and development and procurement of advanced technologies.
The two companies have officially started discussions on building partnerships since October 2016, and will continue to discuss capital cooperation including mutual shareholdings. The cooperation between the two parties in research and development may include the application of ICT, autonomous driving technology, and pure electric vehicle technology.
