Toyota Motor recorded a profit of ¥14.09 trillion, an increase of 8.9 percent during the six-month period ended September 30, 2015. The company sales dropped by 198,515 units compared to the same period last fiscal year with a total vehicle sale of 4,278,007 units.
While income before income taxes was ¥1.6751 trillion, Toyota recorded an operating income that increased from ¥1.3519 trillion to ¥1.5834 trillion. The net income of the Japanese vehicle company increased from ¥1.1268 trillion to ¥1.2581 trillion. The operating income increased by ¥231.4 billion.
Currency fluctuations of ¥305.0 billion and cost reduction efforts of ¥140.0 billion are the major factors contributing to the increase. The operating income decreased by ¥3.3 billion to ¥285.7 billion that excluded the impact of valuation gains or losses from interest rate swaps.
On the other hand US car giant General Motors Co announced a rise in sales in China for the month of October by 15 percent. The factor that most attributed to the rise, according to the company is the Chinese government's decision to cut taxes for smaller cars.
There has been an increase in retail sales of the company by 2.9 percent in the first 10 months of 2015 from a year earlier to 2.8 million units which is also a record for the company.
China, which has struggled due to an economic slowdown in the world's second largest economy, is seeing a bright spot by the result announced by GM.
"The recently announced government incentive for vehicle purchases helped boost buying sentiment starting in October," Matt Tsien, GM's China President said in a press release published by the company on its website on Thursday.
To boost auto sale, a slew of supportive policies, including halving the sales tax to 5 percent on cars with 1.6-litre engines or smaller was introduced by China. The changes came into effect from Oct 1.
Japanese automotive manufacturer Honda was among other major global automakers who posted double-digit sales last month. In China, nearly 70 percent of the total sales came from automobiles in the 1.6 liter and under category.
However troubles for the German automaker Volkswagen seemed to worsen after investors bailed out and European regulators pressured VW to quickly disclose the findings of an internal investigation. The sale of seven models that allegedly were part of the cheating have been halted in the US.
Widening the scope of a scandal that has forced the ouster of a CEO and prompted investigations and lawsuits on several continents, on Tuesday, VW admitted that it had understated the carbon dioxide emissions for 800,000 cars.
Since mid-September when the US Environmental Protection Agency said Volkswagen had installed software on 482,000 cars that enabled them to cheat on emissions tests for nitrogen oxide, the company has been unable halt the flow of bad news. Nitrogen oxide is a pollutant that contributes to smog and respiratory problems. The software reduced emissions when the car was on a test stand.
Fresh troubles brewed for the company when the EPA, on Monday, had charged that Volkswagen also used cheating software in some cars with larger diesel engines, including Volkswagen's elite Porsche brand. While halting sales over the last two days in the US and Canada of the models involved: the Volkswagen Touareg, Porsche Cayenne, and the Audi A6, A7, A8, Q5 and Q7, the company has denied the charges made by the EPA.
(Source: www.ibnlve.com & www.streetinsider.com)
While income before income taxes was ¥1.6751 trillion, Toyota recorded an operating income that increased from ¥1.3519 trillion to ¥1.5834 trillion. The net income of the Japanese vehicle company increased from ¥1.1268 trillion to ¥1.2581 trillion. The operating income increased by ¥231.4 billion.
Currency fluctuations of ¥305.0 billion and cost reduction efforts of ¥140.0 billion are the major factors contributing to the increase. The operating income decreased by ¥3.3 billion to ¥285.7 billion that excluded the impact of valuation gains or losses from interest rate swaps.
On the other hand US car giant General Motors Co announced a rise in sales in China for the month of October by 15 percent. The factor that most attributed to the rise, according to the company is the Chinese government's decision to cut taxes for smaller cars.
There has been an increase in retail sales of the company by 2.9 percent in the first 10 months of 2015 from a year earlier to 2.8 million units which is also a record for the company.
China, which has struggled due to an economic slowdown in the world's second largest economy, is seeing a bright spot by the result announced by GM.
"The recently announced government incentive for vehicle purchases helped boost buying sentiment starting in October," Matt Tsien, GM's China President said in a press release published by the company on its website on Thursday.
To boost auto sale, a slew of supportive policies, including halving the sales tax to 5 percent on cars with 1.6-litre engines or smaller was introduced by China. The changes came into effect from Oct 1.
Japanese automotive manufacturer Honda was among other major global automakers who posted double-digit sales last month. In China, nearly 70 percent of the total sales came from automobiles in the 1.6 liter and under category.
However troubles for the German automaker Volkswagen seemed to worsen after investors bailed out and European regulators pressured VW to quickly disclose the findings of an internal investigation. The sale of seven models that allegedly were part of the cheating have been halted in the US.
Widening the scope of a scandal that has forced the ouster of a CEO and prompted investigations and lawsuits on several continents, on Tuesday, VW admitted that it had understated the carbon dioxide emissions for 800,000 cars.
Since mid-September when the US Environmental Protection Agency said Volkswagen had installed software on 482,000 cars that enabled them to cheat on emissions tests for nitrogen oxide, the company has been unable halt the flow of bad news. Nitrogen oxide is a pollutant that contributes to smog and respiratory problems. The software reduced emissions when the car was on a test stand.
Fresh troubles brewed for the company when the EPA, on Monday, had charged that Volkswagen also used cheating software in some cars with larger diesel engines, including Volkswagen's elite Porsche brand. While halting sales over the last two days in the US and Canada of the models involved: the Volkswagen Touareg, Porsche Cayenne, and the Audi A6, A7, A8, Q5 and Q7, the company has denied the charges made by the EPA.
(Source: www.ibnlve.com & www.streetinsider.com)
