Japan’s Toyota Motor (NYSE:TM) on Wednesday reported a second consecutive fall in quarterly profit, while announcing that it will set up a new company in China to make electric vehicles as it plays catch up with automakers focused on EVs.
Revenue proved to be 12.39 trillion yen vs. 12.1 trillion yen
Operating profit came in at 1.22 trillion yen vs. 1.39 trillion yen.
The company saw its operating profit drop in the key North America region by 113.7 billion yen in the December quarter, year on year, while it declined by over 46 billion yen in Asia.
Toyota has been slower than competitors at embracing fully battery-powered electric vehicles, and instead has focused on hybrids, according to local reports.
Net income attributable to the company, however, jumped to 2.19 trillion yen from 1.36 trillion yen a year ago.
The automaker’s consolidated vehicle sales for its financial third-quarter dropped to 2.44 million from 2.55 million units a year ago.
Still, Toyota maintained its full-year dividend forecast at 90 yen, compared with a dividend payout of 75 yen a year earlier.
TM shares vaulted, however, $6.58, or 3.5%, to $194.14. in New York.
