TOKYO: Toyota Motor Corp. on Tuesday raised its profit forecasts to record levels for the year ending next month amid a continued vehicle production recovery from the COVID-19 pandemic and the yen’s weakness.

The Japanese automaker boosted its consolidated net profit projection to 4.5 trillion yen from 3.95 trillion yen. It raised its operating profit estimate to 4.9 trillion yen from 4.5 trillion yen. Revenue is now projected at a record 43.5 trillion yen, up from the previous estimate of 43 trillion yen.

But the company lowered its group global vehicle sales estimate to 11.23 million units from 11.38 million units, while maintaining its parent-only domestic production forecast unchanged.

Toyota’s vehicle production has been affected by a series of safety certification scandals involving group firms including Daihatsu Motor Co. and Toyota Industries Corp.

JIJI Press