Toyota has been scrutinized by the media and by government regulators due to massive recalls that ultimately spread across the world. But despite sudden concerns over quality and safety, that hasn’t stopped Toyota from earning a healthy profit during the first quarter of the year.
Thanks in part to swift quality controls and by offering the largest incentives in the automaker’s history, financially Toyota appears to be on steady footing, even while its brand still remains in “stormy water,” as Toyota President Akio Toyoda put it.
Toyota’s profits from January to March of this year totaled the equivalent of $1.2 billion USD. In addition, this profit was up from the same period last year by 3.54 trillion yen, or about $57 billion USD.
Even while management realizes there’s still plenty of rebuilding ahead, Toyota is forecasting even better results for next year, projecting an annual profit increase of $3.3 billion.
“There’s no change in the fact that we are in stormy waters,” Toyota’s president told Reuters. “But now I feel that even in the storm, we can see a ray of sunlight in the distance.”
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