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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Toyota i-Road is no less strange in the flesh

We've seen plenty of three-wheeled creations in our day, but none quite like the Toyota i-Road Concept. The "personal mobility vehicle" offers seating for two with driver and passenger positioned in a tandem position. While that may sound more like a motorcycle than a car, the closed cockpit means riders don't need a helmet. The design also takes a page from the 2008 Peugeot HyMotion3 Concept with an articulating front suspension that allows the driver to lean through corners thanks to "Active Lean" self-balancing technology. Unlike the funky Pug, however, the i-Road is a fully electric plug-in vehicle.
While there are just five-horsepower on hand from an electric motor, the i-Road should serve up a range of around 30 miles thanks to its lithium-ion battery, and Toyota claims the cells can be topped off in three hours with a "conventional domestic power supply." Sounds majestic. Take in the full press release below.

Weekly Recap: Toyota propels hydrogen fuel cells

Toyota is serious about hydrogen fuel cells, and it wants the auto industry to follow suit. The Japanese automaker said this week it's releasing 5,680 fuel cell patents from around the world, including technologies used on its upcoming sedan, the 2016 Mirai. The move is unusual, but not unprecedented, as Tesla similarly released its electric vehicle patents last year. The idea for Tesla, and now for Toyota, is to spur development of alternative propulsion. "By eliminating traditional corporate boundaries, we can speed the development of new technologies and move into the future of mobility more quickly, effectively and economically," said Bob Carter, Toyota Motor Sales senior vice president of automotive operations, in a statement. Toyota's fuel cell patents will be free to use through 2020, though patents related to producing and selling hydrogen will remain open forever. Toyota said it would like companies that use its patents to share their own hydrogen patents, but won't require it. "What Toyota's doing is really a logical move, and really a good move for the industry," Devin Lindsay, principal powertrain analyst with IHS Automotive, told Autoblog. The announcement was made at the Consumer Electronics Show in Las Vegas. It comes as Toyota prepares to launch the hydrogen-powered Mirai in a limited number late this year in California. The launch will be extended to the Northeastern United States next year. Toyota also has announced plans to support networks of fueling stations in each region to try to smooth consumer adoption. The Mirai has a 300-mile range on a tank of hydrogen, and it takes about five minutes to refill. Fuel cells have been receiving increased attention recently, and Audi and Volkswagen debuted hydrogen-powered cars at the 2014 Los Angeles Auto Show. Honda, another proponent of the technology, also showed its updated FCV concept in November in Japan. The company, however, has delayed its fuel cell sedan a year until 2016. Like Toyota, Honda says its hydrogen-powered car will have a range of 300 miles or more. Meanwhile, Hyundai currently offers leases for fuel-cell powered Tucsons, which have a 265-mile range, in Southern California. Despite the optimism some automakers have for fuel cells, the technology still faces barriers. A lack of filling stations has long held it back, and many consumers are not familiar with the potential benefits.