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Toyota Motor Co.p.'s net profit grew 3.5 percent to $2.9 billion in the fiscal third quarter ending Dec. 31 and raised its full year sales forecast after boosting sales in major markets.

The Japanese automaker, the world's second-largest after General Motors Corp., said it achieved an increase in profit after cutting costs to offset the yen's rise against the dollar and higher raw materials prices.

Revenue rose 6 percent to $44 billion, with Toyota capturing a record 12.2 percent of the U.S. market and a record 44.4 percent of the Japanese domestic market.

European sales surged 14 percent during the quarter at 249,000 vehicles. Quarterly sales for other regions were up 20 percent over a year ago to 441,000 vehicles.

For the year ending March 31, Toyota expects to sell 7.29 million vehicles, including Daihatsu minicars and Hino Motors trucks, up from a previous sales forecast of 7.22 million units. In the previous fiscal year, Toyota sold 6.7 million vehicles.

"With strong sales momentum worldwide, we will continue to work hard to achieve last year's profit levels," Toyota Executive Vice President Ryuji Araki said.

In its 2004 fiscal year that ended last March 31, Toyota earned $10.2 billion -- more than the combined annual earnings of Detroit's three automakers.

The automaker is targeting sales of 8.5 million vehicles in 2006.


Mazda gains


Japanese automaker Mazda Motor Corp. said that it posted a $71 million profit for the quarter ended Dec. 31. This is the first year Mazda is reporting quarterly financial data. The Hiroshima-based automaker, 33.4 percent owned by Ford Motor Co., kept unchanged its forecast for group net profit for the full fiscal year ending March 31 at $354 million.

Sales for the quarter were $6.6 billion. Vehicle sales for the period totaled 280,000.


Hyundai falls


Hyundai Motor Co., South Korea's largest automaker by sales, said fourth-quarter net income unexpectedly fell 21 percent because of rising raw material and marketing costs. Net income in the three months ended Dec. 31 fell to $352 million from $446 million in the same period in 2003, the carmaker said in a filing to the Korea Stock Exchange.

The Seoul-based company was expected to report a 19 percent rise in profit to $530 million.

detnews
 

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divinewisdom said:
In its 2004 fiscal year that ended last March 31, Toyota earned $10.2 billion -- more than the combined annual earnings of Detroit's three automakers.

I knew toyota made money but :wow And they're making even more this year :eek
 

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It's just a matter of time before Toyota buys out Honda, forming the largest auto company in the world. You heard it here first...
 

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hi_jinx said:
It's just a matter of time before Toyota buys out Honda, forming the largest auto company in the world. You heard it here first...
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO honda is the onli independent car/motor company left in japan. if toyota buy it yikes... my worst nitemare.
 
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