Reduced wait times on best selling models - LandCruiser 300 Series, Hilux Dual Cab, Fortuner & Corolla Hybrid

Toyota Australia Posts $342 Million After-Tax Profit

Toyota Motor Corporation Australia Limited (TMCA) today reported a record after-tax profit of $342 million for the financial year ended 31 March 2024 (FY23: $137 million).

The result was achieved on the back of a strong turnaround in supply that enabled Toyota and Lexus to increase their combined customer deliveries to 246,389 vehicles – a gain of 11.3 per cent or 25,116 new passenger cars, SUVs and commercial vehicles.

Toyota dealers provided customers with 230,560 new vehicles during the financial year while Lexus dealers surpassed 10,000 deliveries for the first time with a record total of 15,829 luxury vehicles.

Market penetration of Toyota and Lexus Hybrid Electric vehicles (HEVs) also reached new highs in both deliveries and share of total sales. Their joint HEV tally of 94,744 vehicles accounted for 38.5 per cent of combined sales.

Toyota also set new records with 84,598 HEV deliveries representing 36.7 per cent of local sales, while Lexus achieved an unprecedented 10,146 HEV deliveries or 64.1% of its record sales total.

In keeping with the multi-pathway approach to decarbonisation, Toyota launched its first BEV during the financial year, the bZ4X SUV, as well as the hybrid-only second-generation C-HR premium SUV. Lexus unveiled the next chapter of its Lexus Electrified vision, introducing its second BEV, the RZ 450e, and the hybrid-exclusive LBX compact SUV and LM luxury mover.

TMCA President and CEO Matthew Callachor said the latest financial results reflected the local company’s close collaboration with global production teams to achieve significantly higher vehicle allocation for Australia, leading to substantial cuts to customer wait times.

“The turnaround in supply was made possible by a strong team effort over an extended period with our factories overcoming substantial challenges, supported by the dedication and support of TMCA employees, dealers and suppliers,” Mr Callachor said.

“Importantly, our dealers played a vital role in managing sometimes difficult conversations with customers as we addressed issues outside our control over the past 2-3 years, successfully returning many of our vehicles to an acceptable delivery period,” he said.

“We are extremely grateful to the loyalty and patience exhibited by our customers and thank them for their continued trust in our vehicles and in our brands.

“We can assure all dealers and customers that our plans, here and in Japan, are focused on continued strong supply, enabling us to deliver cars as quickly as possible and further reduce wait times.”

Mr Callachor said the catch-up in delivering vehicles – including those ordered many months ago – masked, to some extent, the true level of demand across the industry.

“While Toyota and Lexus continue to maintain healthy order banks, there are clear signs across the industry that tougher economic and business operating conditions have cooled demand from the remarkable levels experienced in the immediate post-COVID period.

“The new-car market remains vibrant; however, we expect some impact from these challenges to be reflected in official sales figures during the second half of the current financial year.”

Other milestones in the financial year included:

Toyota Australia:

  • New models: bZ4X BEV, C-HR SUV, HiLux with V-Active technology (48V assist), GR Corolla Morizo Edition, HiLux GR Sport, 4-cylinder LandCruiser 70 Series.
  • Upgrades: Yaris hatch (hybrid only), Yaris Cross, GR performance cars, HiLux ute.
  • Real-world customer evaluation of the re-engineered Tundra.
  • Local evaluation: HiLux BEV and prototype HiAce powered by hydrogen-fuelled internal combustion engine.
  • Toyota and AFL renewed premier partnership for a further four years.
  • Toyota extended North Queensland Toyota Cowboys sponsorship to the inaugural NRLW elite squad.
  • Raised more than $1 million each for grassroots football and cricket clubs (Toyota Good for Footy, Toyota Good for Cricket raffles).
  • Raised almost $49,000 for Lifeline New England through the sale of Toyota hats and pins at Tamworth Country Music Festival.
  • Toyota won Australian Rally Championship driver/co-driver and manufacturer titles.
  • Toyota named most trusted automotive brand (and top 10 among all brands) by Roy Morgan and Readers’ Digest Most Trusted Brand.

Lexus Australia:

  • New models: RZ 450e BEV and hybrid-only LM luxury mover and LBX compact hatch.
  • Upgrades: UX Line, seven-seat LX flagship SUV, LC flagship coupe.
  • Introduction of Encore Elevate ownership benefits, available to all Lexus owners.

Toyota Motor Corporation Australia (TMCA):

  • Contribution of approximately $3.3 million to community programs through the 1% after-tax profit to social contribution target.
  • Assembly of hydrogen fuel-cell generators began at Toyota’s Altona site.