As a former European Automotive correspondent for Reuters, I’ve a spent a few years writing about the industry. I will penetrate the corporate hype and bluster and find out how these gigantic enterprises are really doing. I also love to drive their magnificent machines, and their more modest ones. I’ll be telling you if the technology works, too.
shareholders are used to the world’s biggest automaker sailing serenely through the roughest seas while its competitors seek sanctuary in calmer waters.
Toyota reported operating profit for the first quarter ended June 30 rose 17% compared with the same period last year to the equivalent of just over $8.4 billion, with the weak yen accounting for most of the increase, according to Reuter’s Breaking Views column. But the currency’s value has changed direction.
Breaking Views said not only is Japan raising interest rates, which boosts the value of the yen on foreign exchange markets, the U.S. is expected to move in the opposite direction, adding upward pressure on the yen. This is bad news for Japanese corporate earnings and share prices because 20% of revenue is generated overseas.
“The announced results did allow us to confirm that there is potential for profit margins to rise due to volume growth and mix improvement, even in an environment in which industry-wide profit margins are expected to fall due to intensified competition over the medium term. It is hard to tell when profit growth might be reflected in the share price and our rating is “neutral”,” UBS said in a report.
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