Toyota Financial Results for 2021 Revealed
Last week, Toyota financial results for the fiscal year that ended March 31st were announced. Vehicle sales totaled 7,646,000, a decrease of 1,309,000 units, or a little less than 15 percent compared to the previous fiscal year.
Net revenue was $256.7 billion, an 8.8 percent decrease. Operating income decreased from $22.6 billion to $20.7 billion, while income before taxes amounted to $27.6 billion. Net income was up from $19.2 billion to $21.1 billion.
North American sales of 2,313,000 were down 400,000 from the year prior, while operating income rose by $866 million to $3.4 billion.
In Japan, Toyota sold 2,125,000 units, 115,000 fewer than in 2020. Here, operating income dropped by $4.1 billion to $10.8 billion.
Vehicle sales in Europe declined 70,000 units to 959,000, while operating income dropped $183.9 million to $1.0 billion.
Asian sales of 1,222,000 units fell by 378,000, while income rose $535.8 million to $4.1 billion.
Other regions totaled 1,027,000 vehicles, a 345,000 downturn. Operating income fell $106.6 million to $611.3 million.
Fiscal year predictions for 2022 are for a 13 percent increase to 8.7 million vehicles.
Net revenues would rise to $285.7 billion, while operating income rebounds to $23.8 billion. Net income before taxes will go up to $29.6 billion, and net income will advance to $21.9 billion.
Toyota financials aside, the company used this stage to address carbon neutrality in a prepared statement by Chief Digital Officer, James Kuffner. Toyota’s commitment is to achieving 100 percent carbon neutrality by 2050 or sooner, Kuffner stated.
Zero CO2 emissions throughout manufacturing, transporting, operating, fueling or charging, and recycling and disposing of vehicles is the goal.
Toyota offers a lineup of 55 electrified vehicles (EV) worldwide. Combined EV sales volume is more than 2 million vehicles per year.
Toyota’s total cumulative carbon emissions reduction has been 140 million tons over 20 years, equal to removing 1.5 million passenger vehicles every year.
Toyota will introduce 15 battery electric vehicle models globally by 2025, including seven recently-announced Toyota bZ models.
This is in addition to expanding and improving their lineup of hybrid electric vehicles (HEVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
Toyota will make investments in new battery technology, such as solid state batteries, to support these products.
More than 1.4 billion vehicles are in operation worldwide, most with internal combustion engines (ICE). Toyota wants to clean up the world’s ICE vehicle fleet that will still be running for the next 10-15 years. I don’t foresee giving up my gas-powered vehicles as part of any clean-up effort, do you?