Toyota Announces Financial Results for 2016 Fiscal Year
We might not even be halfway through 2016, but for some the year is already over. Take Toyota, for example, whose 2016 fiscal year ended way back on March 31, 2016. (What’s it like in the future, Toyota?) The Japanese automaker ended its 2016 with some pretty decent global sales, which allowed it to achieve a 6.4% increase in global net income.
In North America specifically, Toyota sold a grand total of 2,839,229 units, which was an increase of 124,056 vehicles or 4.6%. This was largely driven by the increased popularity of light trucks and crossovers thanks to falling gas prices here in the US. With each sales report released during the 2016 fiscal year, Toyota mentioned top performers like the RAV4, Highlander, 4Runner, and Tacoma. In addition, Toyota’s Camry and Corolla sedans continued to be popular among American drivers, with the Corolla boasting the title of one of America’s best-selling vehicles ever.
Globally, sales decreased slightly to by 3.2% or 290,536 units for a total of 8,681,328 units sold. This was due to declining sales in major regions such as Europe and Asia, despite the growth seen in Toyota’s North American market. Still, Toyota’s consolidated net revenues for the year reached 28.4031 trillion yen, which is certainly nothing to sneeze at. In fact, this figure marks a 4.3% increase for the automaker over the previous fiscal year.
For the 2017 fiscal year, which we are already a couple of months into, Toyota is forecasting total sales of 8.9 million vehicles globally, which would put the automaker back around the number it was at during the 2015 fiscal year. However, due to the recent Kumamoto Earthquake that hit the Japanese island of Kyushu in April, Toyota was forced to suspend operations on Japanese vehicle assembly lines for a few weeks in the wake of the devastation. Therefore, the automaker will likely have to revise its forecast for 2017 at some point before this year ends.