Toyota Motor Corp. raised its full-year net profit forecast up to $9.7 billion after a solid third quarter despite a drastic decline in sales in China.
Toyota is currently on course to regain its status as the world's number one automaker for 2012 after the company predicted they will earn somewhere around $9.7 billion for the full fiscal year compared to $3.5 billion the company made a year earlier.
The automaker was hurt drastically last year by the devastating effects caused by the tsunami disaster in northeastern Japan and flooding in Thailand.
Despite the increase in overall sales, the company has seen a decline in sales in China due to violent protests which took place earlier this season. China, which accounts for 12 percent of overall Toyota sales, boycotted the company due to a dispute with Japan over ownership of a group of isles in the East China Sea.
"We have revised the forecast we announced at the end of the first quarter to reflect the progress we have been making," said Satoshi Ozawa, Toyota's Executive Vice President to CBS.
Quartley sales according to CBS increased 18 percent overall for 2012 so far. The company saw an increase of sales in countries like North America, Japan, and Europe. Other Asian nations not including China also saw an increase in sales as well.
The company had expected to sell over 1 million cars in China this year but because of the protests, that number has been reduced to 850,000 according to Toyota according to The New York Times.
The company lost approximately $250 million in a little over a month because of the protests, which makes the yearly prediction seem even better. The company has predicted that they will sell 8.75 million cars by March 2013, which would be more than the 7.4 million the company sold the previous year.
Toyota specializes in producing cars like the Camry sedan, Lexus luxury vehicles, and the Prius hybrid. They currently lead General Motors for the top selling automaker in the world by over 1.2 million cars.
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