Did you know that Toyota, the famous car company, made a lot of money recently? Their profits more than doubled compared to last year, and there’s a great reason behind it.
What Makes Toyota Happy
So, why are they so happy? Well, it’s because people all over the world really like Toyota’s hybrid cars. You know, those cars that use both electricity and gas. They’re super popular, and that’s making Toyota a lot of money.
Toyota’s Exciting Plans
For a long time, Toyota didn’t want to make electric cars, the ones that only use electricity. They thought their hybrid cars were the best. But they changed their minds and decided to make more electric cars. They want to sell 1.5 million electric cars every year by 2026. That’s a lot of electric cars!
Why People Love Them
But here’s the interesting part: right now, people aren’t buying electric cars as much. They like the hybrid cars more. And guess what? Toyota makes those hybrid cars, so they’re selling a ton of them.
Big Sales for Toyota
Toyota sold 41% more hybrid cars than last year, and they also sold almost 90% more plug-in hybrid cars. That’s a lot of cars! In fact, the “electrified vehicles,” which include hybrids, electric cars, and some others, made up 36.4% of all the cars Toyota sold this year. That’s way more than last year.
Lots of Money for Toyota
Because they sold so many cars, the company made a lot of money. Their profit in the last few months was more than $9.5 billion. That’s a huge number! Plus, they sold more cars in every part of the world, which also helped them make a lot of money.
Good Exchange Rates
Another reason they made more money is because of something called exchange rates. That’s like how much one country’s money is worth in another country. The money Toyota gets from selling cars in the U.S. and Europe was worth more in their own currency. So, they got extra money because of that.
Even More Money Coming
Toyota thinks they will make even more money in the coming year. They’re saying they’ll make almost $30 billion. A big part of that is because of those good exchange rates we talked about.
They’re so happy that they’re also buying back some of their own shares and giving more money to their shareholders. That’s like sharing their good fortune with the people who own Toyota’s stock.
So, Toyota is having a really good time right now, and they’re looking forward to an even better future.