Toyota reports record profit, sales

Toyota, hot on the heels of General Motors to become the world’s No. 1 automaker, reported a 7.3% jump in quarterly profit Tuesday on booming sales in North America and Europe that offset sluggish demand in Japan.

Toyota Motor Corp. recorded group net profit of 426.8 billion yen ($3.6 billion) in the three months ended Dec. 31, up from 397.6 billion yen the same period the previous year. Quarterly sales climbed 15.2% to 6.15 trillion yen ($51.2 billion) from 5.33 trillion yen a year ago, as the remodeled RAV 4 SUV and Camry midsize sedan sold briskly in North America, and demand was strong for the Yaris compact in Europe, Toyota said in a news release.

Net profit and sales reached a record for any quarter, said Senior Managing Director Takeshi Suzuki. “We believe our companywide efforts have contributed to these results," he said in a release.