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Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.

Toyota close to licensing deal with BMW for fuel cell technology

For over a year now, we've been hearing about a potential partnership between Toyota and BMW on everything from sports cars to lithium-ion batteries, but one of the first cooperative projects between these two automakers could bring Toyota's hydrogen fuel cell technology to a BMW vehicle. Reuters is reporting that an announcement is likely to be made as soon as later this week regarding a BMW fuel cell vehicle that could be in production by 2020 with a prototype running around by 2015.
The last we heard of Toyota's fuel cell technology, it was in the FCV-R Concept that we saw at the 2011 Tokyo Motor Show, but there is no word how far along in development this system is. If it does come to fruition, such a vehicle for BMW would build on the automaker's commitment to hydrogen that started with the Hydrogen 7, which unlike a fuel cell vehicle, simply ran on hydrogen fuel rather than converting it to electricity for use in motors. We're definitely interested where this Toyota/BMW tie up could be headed.

Recharge Wrap-up: Toyota allowed to inspect own hydrogen tanks, Telsa tour reveals expansion

Japan's Ministry of Economy, Trade and Ministry has certified Toyota to self-inspect its high-pressure hydrogen tanks. The approval allows more freedom in production timing, as outside inspectors previously had to be on site during the manufacture of hydrogen tanks for vehicle prototypes. Toyota has passed the stringent standards to become a registered manufacturer of the 700-bar hydrogen tanks, which the company will use in its upcoming fuel cell vehicle (FCV). With the improved efficiency this certification allows in the manufacturing process, Toyota believes it will help to lower the cost of the FCV. Read more in the press release below. A look inside Telsa's fremont Factory shows thriving activity and increased capacity. Analyst Trip Chowdhry, in a rare tour of the factory, describes a bustling facility capable of producing the Model X and Model III alongside the Model S. A part of the floor labeled "Driver Assist" suggests to Teslarati that Tesla is researching a self-driving car. Chowdhry reports that the factory lobby was "busy with European suppliers and Asian suppliers." He also found an energized workforce and culture similar to Silicon Valley startups. Read more at International Business Times. Mahindra has introduced a premium version of the e2o electric car, made in partnership with Reva. The car features a range of almost 75 miles, power steering, infotainment, rear-view parking camera, driver information display and an emergency power reserve feature, called REVive, offering an extra five miles of range activated through a smartphone. Mahindra also launched a program called "Goodbye Fuel, Hello Electric" in which customers pay to use the e2o by the mile. Learn more at The Indian Express. Toyota Approved to Self-inspect and Manufacture Hydrogen Tanks for FCVs Toyota City, Japan, August 29, 2014-Toyota Motor Corporation has received approval from Japan's Ministry of Economy, Trade and Industry (METI) to self-inspect and manufacture high-pressure hydrogen tanks for fuel cell vehicles (FCVs). This makes Toyota the first company to become a registered manufacturer of 70 MPa (700 bar) hydrogen tanks under Japan's High Pressure Gas Safety Act, revised in 1997 by METI. Toyota will now be able to increase the efficiency of the process of manufacturing safe high-pressure hydrogen tanks that ensure customer confidence.