Toyota roared back to a hefty profit in the first quarter and said on Friday that it intended to build a record-breaking 9.76 million cars this year, leading a recovery by Japanese automakers after a year of natural disasters and a punishingly strong currency.
Though the strong yen continues to weigh on the bottom lines of Japanese exporters, many other things are going right for Japanese automakers. Supply chains that were severed are now up and running, and manufacturers like Toyota and Honda, racing to meet pent-up demand, are fast regaining lost ground in profitable markets like the United States. Japanese government incentives on fuel-efficient cars have revived markets at home.
Read the rest of the story: Toyota Raises Sales Target as Quarterly Profit Rises.