Toyota’s financial services operating income grew 18% in the year ending March, totalling £1.9bn (JPY 283.9bn).

The company attributed the result to larger lending volumes as well as reduced credit and residual value losses.

Operating income from the automotive segment increased 18.8% to £13bn, reportedly thanks to cost reduction and positive currency exchange effects.

Europe reversed the loss from the previous year, recording operating income of £504m.

Toyota forecast a slowdown in results for 2019, with consolidated operating income forecast to fall 4.2%.

The company said in March it would phase out diesel on its next generation of vehicles in Europe, focussing instead on its electrified range. The move was followed this month by rival Nissan.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Toyota plans to launch 10 battery electric vehicles (EVs) by 2020, and has partnered with Mazda and engine maker Denso to develop EV capabilities.

It also opened a London office to develop its connected mobility business in Europe.

The company said: “For the future automotive market, developed countries are expected to remain steady while emerging countries are expected to expand gradually on the back of economic recovery and other factors.

“Meanwhile, the automotive industry is facing the time of profound transformation that could happen only once in hundred years in response to increasing serious environmental issues and other social challenges, technological innovation such as automated driving, connected vehicles and robotics which adopts the rapidly evolving technology of artificial intelligence, and diversification of lifestyles.”