Toyota has announced new investments in various sectors, including electric vehicles (EVs), artificial intelligence (AI), supply chain and hydrogen technology. The Japanese auto giant will spend $1,290 million (¥ 2 trillion) in the fiscal year ending March 2025 to implement the plan. News Nikkei Asia.
Toyota Motor’s net profit in the first quarter of this year (January-March) was 3,180 million dollars (4.9 trillion Yen), which is double that of the same period in 2023. The weak value of the Yen and the demand for hybrid vehicles have played a key role behind this growth, according to the company’s recently released financial report.
Toyota president Koji Sato announced the details of the new investment plan. He said, ‘Our goal is to increase the use of generative AI including automated driving. With this, investment in the AI sector will increase.
The financial report also noted that Toyota’s operating income for the recently ended fiscal year was ¥5.3 trillion, up 96.4 percent year-on-year. Total revenue was 45 trillion yen, up 21.4 percent annually. Toyota set revenue records in both cases.