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Toyota Australia Posts $137 Million After-Tax Profit

Toyota Motor Corporation Australia Limited (TMCA) today revealed an after-tax profit of $137 million for the financial year ended 31 March 2023.

Financial-year sales by Toyota and Lexus continued to represent more than one out of every five new vehicles delivered in Australia (20.5%), despite an overall decline of 5.5 per cent to 221,273 passenger cars, SUVs and commercial vehicles.

Availability of in-demand hybrid-electric vehicles was particularly affected by the global shortage of semiconductors, yet still accounted for 30.9 per cent of Toyota's deliveries and 42.8 per cent for Lexus, both of which were financial-year records.

Comprising Toyota Australia, Lexus Australia and Revolution operations, the FY23 return compares with an after-tax profit of $249 million in the previous financial year.

Announcing the result, TMCA President and CEO Matthew Callachor said the current financial year will benefit from substantial increases in the production of vehicles destined for Australia, helping to reduce customer wait times.

"Deliveries to our Australian customers have risen more than 25 per cent for Toyota and 93 per cent for Lexus in the first quarter of the current financial year compared with the final quarter of the financial year under review," Mr Callachor said.

"This substantial turnaround is due to the combined efforts of our global production teams and our local dealers who are doing their utmost to provide our Australian customers with as many vehicles as possible, as quickly as possible," he said.

"Based on the latest plans from our parent company, we anticipate delivering a record number of Lexus vehicles in Australia this year while we expect Toyota dealers will again provide customers with more than 200,000 vehicles," he said.

"Most importantly, the higher throughput for our market is helping us bring back customer wait times - and we expect further improvements for the balance of this year and throughout 2024.

"At the same time, continued strong orders for Toyota and Lexus have helped offset the consequences of tougher economic and business operating conditions, which have cooled the market from the unbelievably high demand seen since late 2020."

Mr Callachor said the company's healthy financial results and market success were due to the loyalty and patience of customers and the dedication and support of TMCA employees, dealers and suppliers.

Other milestones in the financial year included:

Toyota Australia:
• New models: GR86, Corolla Cross and GR Corolla.
• Confirmed insider program to deploy real world testing with re-engineered Tundra for RHD.
• Upgrades: RAV4, Kluger, Corolla hatch and sedan, HiLux, HiLux Rogue, LandCruiser 70 Series, Yaris, Yaris Cross, C-HR, Camry, GR Supra, HiAce and Granvia.
• Multi-year extension of long-standing partnership with Adelaide Crows AFL club.
• Raised $2.28 million for grassroots football and cricket clubs (Good for Footy, Good for Cricket raffles).
• Raised over $50,000 for Lifeline through the sale of Toyota hats and pins at Tamworth Country Music Festival.
• Winner: Roy Morgan Automotive Most Trusted Brand and Reader's Digest Most Trusted Car Brand.

Lexus Australia:
• New models: LX flagship and RX SUV.
• Upgrades: flagship LS sedan, UX compact SUV and ES luxury sedan.
• Provision of selected Encore ownership benefits to waiting customers.
• Extension of principal partnership with Victoria Racing Club and naming rights sponsorship of the Lexus Melbourne Cup.
• Winner, Asia-Pacific industry hall of fame award at the Intelligent Transport Systems World Congress.

Toyota Motor Corporation Australia (TMCA):
• Contribution of approximately $3.3 million to community programs through the 1% pre-tax profit to social contribution target.
• The sale of the former Toyota Technical Centre Australia site in Notting Hill, Victoria.