Toyota Australia posts $249 million profit

Market leader Toyota cannot meet huge customer demand, but its financial results for 2021-22 were strong nevertheless.

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Toyota Motor Corporation Australia, beset by unheard-of stock shortages and multi-year wait lists, turned a $249 million after-tax profit for the 2021-22 financial year.

Comprising Toyota Australia, Lexus Australia and Revolution (software services) operations, the result also includes proceeds from the sale of the Chatswood Toyota dealership in Sydney.

The strong financial result is nevertheless down on the $332m after-tax profit TMC posted in 2020-21 – which was padded by the sale of its former HQ in Caringbah, and the Sydney City Toyota dealership.

Australia’s largest car company operates on the Japanese financial year which runs from April 1 to March 31.

Financial year sales by Toyota and Lexus rose by 6.2 per cent to 234,091 vehicles combined, representing more than one out of every five new vehicles sold in Australia (22.3 per cent).

Toyota posted its third-best year on record with 223,642 sales and made the country’s top-selling passenger car (Corolla), SUV (RAV4), and commercial (HiLux).

Lexus grew 5.0 per cent to 9290 sales, including a 38.8 per cent hybrid share, and launched its first EV (UX300e) and PHEV (the new NX450h+) models.

TMCA President and CEO Matthew Callachor said noted the sale of more than 73,000 Toyota and Lexus hybrids for FY21-22, and again apologised for the massive stock shortages – reflective of record order intakes.

“… Unprecedented demand for our vehicles, combined with the global automotive industry’s shortages of semiconductors and other components due to COVID supply chain challenges, has unfortunately resulted in extended customer wait times for many vehicles,” he said.

“Toyota apologises sincerely for the inconvenience being experienced by affected customers, and thanks them for their loyalty and patience.

“I want to assure them that we and our global production teams are doing everything in our power to secure the maximum number of vehicles for our market and as quickly as possible.”

Mr Callachor said TMC Australia would donate one per cent of pre-tax profit every year to community programs, starting with $3.4 million for 2021-22. Ever-aware of smart PR, Toyota was early in returning its government JobKeeper payments, back in January 2021.

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Mike Costello
Mike Costello is the News Editor at CarExpert.

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