Strong sales of gas-electric hybrid vehicles has led to Toyota Motor Corp.’s (TM) profit doubling in the fiscal year that ended in March.
The Japanese automaker’s financial results were also given a boost by a favorable exchange rate vis-à-vis the yen currency.
Toyota reported a profit of $31.90 billion U.S., nearly double the amount from the previous fiscal year. Sales at the automaker rose 21% to $290 billion U.S, the company said.
The results come as Toyota’s worldwide sales increased to 9.4 million vehicles, up 7% from 8.8 million vehicles sold in the previous fiscal year.
Toyota now expects to sell 9.5 million vehicles during its current fiscal year, with sales projected to grow in the U.S. and throughout Asia.
However, the company expects its net profit for the fiscal year that runs through March 2025 will decline nearly 28% to $23 billion U.S., saying the current rate of growth is not sustainable.
The auto industry is undergoing a move away from both old-style gasoline engines and fully electric vehicles as consumers prefer buying gas-electric hybrids.
Toyota is the world leader in hybrid vehicles, pioneering the Prius, one of the very first gas-electric cars, and making hybrid versions of most of its vehicles today.
The stock of Toyota has risen 68% over the past 12 months and currently trades at $231.26 U.S. per share.