Toyota Motor reported a second consecutive quarterly profit drop Wednesday, posting a 28% year-on-year decline in operating profit. Toyota’s net income grew significantly, keeping its full-year dividend forecast unchanged from the previous year. The Japanese auto giant plans to set up a Shanghai-based company to develop Lexus BEVs and batteries, with production beginning in 2027. Toyota has focused on hybrids rather than fully electric vehicles, lagging behind competitors in adopting battery-powered EVs.
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00:00It's Benzinga bringing Wall Street to Main Street. Toyota Motor reported a second consecutive
00:04quarterly profit drop Wednesday, boasting a 28% year-on-year decline in operating profit.
00:10Toyota's net income grew significantly, and the company kept its full-year dividend
00:14forecast unchanged from previous year. The Japanese auto giant plans to set up a
00:18Shanghai-based company to develop Lexus BEVs and batteries, with production beginning in 2027.
00:24Toyota has focused on hybrids rather than fully electric vehicles, lagging behind competitors
00:29in adopting battery-powered EVs. For all things money, visit Benzinga.com slash GSTV.