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Toyota operating margin sets a new record

Toyota continues to reap gains from the strategic choice it made not to rush into electric vehicles. By Jonathan Storey

Reuters referred to Toyota's Q4 results as 'blockbuster' and it was certainly a strong performance as operating profit rose 77% to ¥1,113bn. However, the 10% operating margin in Q4 made it the weakest quarter of Toyota's 2023/24 year, following margins of 10.6% in Q1, 12.6% in Q2 and 14% in Q3.

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