Toyota Motor Corporation has reported almost 4 percent increase in its fiscal first-quarter profit on the improved sales, whereas their rival Honda has reported a 29 percent decline in the fiscal first-quarter profit.
On Friday, both the Japanese automakers lowered the forecasts of their profit for the fiscal year, blaming the adverse foreign exchange rate.
The April-June profit of Toyota totaled 682.9 billion yen which is about 6.4 billion U.S. dollars, increasing from 657.3 billion yen in the same period last year. Their quarterly sales increased 3.8 percent to 7.65 trillion yen which is 71 billion dollars.
The consolidated vehicle sales of Toyota for the period added up to 2.3 million which is an increase of over 67,000 vehicles from the last year. By region, the sales of vehicles increased in Japan as well as the rest of Asia and also Europe but they fell in North America.
The April-June profit of Honda Motor Corporation totaled to be 172.3 billion yen which is about 1.6 billion dollars decreasing from 244.3 billion yen. Their quarterly sales dipped about 0.7 percent to about 4 trillion yen which is about 37 billion dollars.
The auto industry is being challenged lately by the chief shifts in technology like automated driving, ecological vehicles like electric cars and hybrids, and also the utilization of artificial intelligence and internet connectivity in cars.
Nissan Motor Corporation that reported the nose-diving profits only last week has also been shaken by the financial misconduct of their superstar, former chairman Carlos Ghosn. Ghosn, however, claims to be innocent.