Toyota Posts Profit in 2Q
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Brett Emison The Wall Street Journal has reported that Toyota made nearly $250 million in profit for the fiscal second quarter ended September 30.
TOKYO— Toyota Motor Corp. posted a surprise quarterly profit on Thursday and became the latest Japanese auto maker to offer an improved outlook for the rest of the year, as cost-cutting and government car-buying incentives look to lift its prospects after nine months of losses.
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The maker of the Corolla, the Prius hybrid and the upscale Lexus brand reported a net profit of 21.84 billion yen ($241.1 million) in the fiscal second quarter ended Sept. 30. . . .
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The auto maker also released an improved forecast for the fiscal year ending in March, citing such factors as better-than-expected progress in cost-cutting measures and stronger sales on the back of government steps to spur demand for fuel-efficient cars.
Toyota's profitable quarter comes despite increased scrutiny from federal regulators, the media and Toyota's own customers over concerns that Toyota and Lexus vehicles suffer a dangerous safety defect that allows Toyota vehicles to suddenly or unexpectedly accelerate out of control. Toyota was publicly criticized by federal regulators this week over Toyota's misleading statements about the sudden acceleration issue.
Toyota has consistently blamed the sudden acceleration issue on incompatible floor mats, and has issued a recall of 3.8 million Toyota and Lexus vehicles because of the problem. However, federal regulators with the National Highway Traffic Safety Administration ("NHTSA") have not yet closed their investigation and Toyota has not been cleared of a safety defect. In 2004, NHTSA questioned whether Toyota's electronic throttle controls may be to blame for the sudden acceleration problem.
You can learn more about the Toyota sudden acceleration defect by reading these previous reports of Toyota's sudden acceleration problem:
Toyota Denied Sudden Acceleration Problem For More Than 5 Years
"Inaccurate and Misleading" Statements On Toyota Sudden Acceleration Problem
Toyota Sudden Acceleration: Case Is Not Closed
Safety Group Responds To Toyota On Sudden Acceleration Defect
Toyota Has More Troubles Than Just Sudden Acceleration
You can learn more about Toyota's dangerous sudden acceleration defect at our auto safety blog or by visiting our web site.
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