Toyota Forecasting Record Profits

Toyota Motor Corp. expects a record profit this year thanks to strong sales of the Camry and RAV4 plus the tax cuts passed by Congress last year.

2018 Toyota CamryToyota also raised its forecast for North American sales projecting it will sell 2.81 million vehicles, up from 2.79 million. In January Toyota had 14.5 percent of the U.S. market, second only to General Motors Corp.

Toyota President Akio Toyoda credited the redesigned Camry sedan for firing up U.S. sales. American consumers couldn't get enough of the RAV4 sport-utility vehicle as Toyota works to keep up with demand.

Toyoda expects the automaker will save about 292 billion yen from President Donald Trump's tax cuts. Much of the savings is going to be used to bolster research and development as Toyota plans to have at least 10 battery-electric vehicles in its lineup in the next decade.

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