Filed under: Toyota, Earnings/Financials



Conventional wisdom might tell you that Toyota should have lost loads of money last quarter in the wake of the company's largest-ever global recall and safety scandal. Perhaps it shouldn't surprise us too much to hear that conventional wisdom would be all wrong. In reality, Toyota reported a profit between January and March of this year of $1.2 billion.

This profit comes despite the fact that Toyota reports expenditures related to the recall mess at a little over a billion dollars (or, 100 billion yen) and surely took a monetary hit compared to previous years due to the unprecedented spate of incentives to keep sales rolling. The gurus at Edmunds estimate that Toyota's incentive spending is up by over half (an average of $2,498 per vehicle) compared to the previous year.

According to company head Akio Toyoda, the automaker plans to continue boosting profits by "[offering] high quality, reasonably priced vehicles." That certainly sounds reasonable, no? Executing on that promise, though, is the hard part. Click on past the break for a complete rundown of Toyota's latest financial report.

[Source: The Detroit News, Toyota | Image: David McNew/Getty]Continue reading Toyota earns $1.2B in Q1 amidst recall mess

Toyota earns $1.2B in Q1 amidst recall mess originally appeared on Autoblog on Tue, 11 May 2010 13:28:00 EST. Please see our terms for use of feeds.



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