Toyota expects a surge in profits this year

February 12, 2013 12:00 AM

After a difficult 2011 and a soaring comeback year in 2012, Toyota is ready to take 2013 by storm. The manufacturer recently raised its profit forecast for the year by 10 percent, which would bring the company up to a level it hasn't seen in years. 

Bolstered by the low cost of production in Japan, the automaker's home country, and the growing popularity of its automobiles, Toyota is expected to see its profits rise in many markets. The New York Times reports that the increase in interest of fuel-efficient vehicles is a driving force behind the company's success, as sales in that sector grew by almost 50 percent. 

"We believe that our efforts have been bearing fruit and that we are finally on the road to sustainable growth," said Takahiko Ijichi, Toyota's senior managing officer, as quoted by The Huffington Post. "We will continue our efforts to build ever-better cars." 

Rebounding from natural disasters in Japan and recalls across the globe hasn't been easy for Toyota, but thanks to several redesigns and auto repair, the manufacturer looks to be back on top. 

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