We are now getting another exciting news from Nikkei News, Toyota Motor gathered a remarkable revenue of 5 trillion yen in the last fiscal year.
Toyota will invest 1.7 trillion yen in EV
This huge revenue made Toyota decide to invest some part in the future of electric vehicle development. The company has now proposed its investment policy for fiscal year 2024 (ending March 2025). Reportedly, Toyota will invest 1.7 trillion yen in growth areas such as pure electric vehicles and AI, an increase of 40% compared to previous years.
Toyota President Tsuneharu Sato announced that this fiscal year will increase investment in the future and consciously invest the funds and time needed to consolidate the foundation. Equipment investment is expected to increase by 7% from the previous fiscal year, reaching 2.15 trillion yen. R&D expenses are expected to increase by 8% year-on-year to 1.3 trillion yen.
Toyota mentioned technologies that control cars through software, such as autonomous driving using artificial intelligence. In addition, we will strengthen our business utilizing battery and hydrogen energy data and strengthen the development of next-generation engines that are conducive to decarbonization.
According to reports, Toyota's operating profit for fiscal year 2023 directly jumped over the 4 trillion yen mark and quickly reached the 5 trillion yen mark. Toyota's market value is also close to 60 trillion yen, and the gap with Tesla is narrowing.
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