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Toyota Upbeat about Global Profits Despite China Setback

Tuesday, November 6, 2012 2:22
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Japanese carmaker Toyota remains upbeat over this year's profits, despite the recent turmoil in its Chinese market. In September protests erupted in China over Japan's nationalization of the Senkaku, or Diaoyu Islands in the East China Sea. Japan, China, and Taiwan all lay claims to the islands, which are believed to contain rich deposits of oil and natural gas in the surrounding waters. During the demonstrations, Chinese protesters overturned Japanese cars and targeted dealerships with Japanese vehicles. Toyota, Honda, Nissan and other Japanese car makers all suffered a drop in sales following the conflict. Now however, Toyota reports that it expects to make a yearly profit of $9.7 billion, despite the impact from China. [Satoshi Ozawa, Executive Vice President]: “We compiled the financial results on the assumption that there will be an impact of 200000 vehicles in the second half of the year from October to next March.” With the Chinese economy slowing and anti-Japan sentiment still strong in China, Toyota says it expects to lose almost $375 million dollars in sales. [Satoshi Ozawa, Executive Vice President]: “We assume there will be a 30 billion yen impact to the net profit in our financial results.” China makes up just 12% of Toyota's market, so its overall performance is somewhat insulated from the poor figures there. Toyota also reported positive earnings in North America and Southeast Asia, filling the gap that China left. Despite the recent set back in China
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