Toyota forecasts higher full-year profit amid U.S. recovery
Toyota forecast profit will rise 48 percent this fiscal year as auto demand recovers in North U.S.A, its largest market.
The company may boost net income to 310 billion yen ($3.35 billion) in the year ending in March, from 209 billion yen a year earlier, the automaker said in a statement today.
The company's U.S. sales rose 24 percent in April as incentives boosted demand for its Corolla and Prius models and offset the impact of recalls of more than 8 million vehicles worldwide for defects related to unintended acceleration.
Toyota's North American sales may increase 2 percent this fiscal year to 2.13 million vehicles, the company said in today's statement, as the world's second-largest auto market after China recovers from a recession.
“North America is the only market that matters” for Toyota's earnings this year, said Gentoku Kiyokawa, a fund manager in Tokyo at Fortis Investments, which bought Toyota shares in February. “Based on the recent sales numbers, the recalls aren't posing a problem.”
Toyota's U.S. sales dropped 20 percent in 2009, as car sales slumped 21 percent to 10.4 million units, the lowest level since 1982.
The company's sales in the U.S. surged 41 percent in March, after the company introduced discounts across its lineup.
No-interest loans on seven models, discounted leases on 10 others and two years of no-cost maintenance for all new vehicles will be extended through the end of May, the company said last week.
Zagato’s Alfa
It’s a Corsa but a lot different. This is the TZ3 Corsa, which is Zagato’s birthday present to Alfa Romeo. The Italian coachbuilder designed the spectacular car to mark the latter’s 100th anniversary.
It honours the racing joint venture between the two companies over the past century, and is based on Alfa’s 8C Competizione supercar. But the newcomer’s bespoke body is even more incredible.
TZ3 Corsa was showcased at the exclusive Villa D’Este Concours D’Elegance event on the shores of Lake Como, Italy. It sports a carbon fibre tubular chassis, coupled with a tubular frame and a hand-made lightweight aluminum body shell.
It’s possible to make out some of the cues from the 8C in the head-turning shape, although the two models are completely dissimilar at the rear, where the roofline has been extended in the pursuit of better aerodynamics.
The TZ3 Corsa weighs only 850kg, and is powered by a 4.2-litre dry sump V8 engine – which offers several different settings that can be adjusted by the driver. It delivers 420bhp to the rear wheels through a six-speed sequential gearbox. As a result, Zagato claims 0-62mph in less than 3.5 seconds, while top speed is in excess of 185mph.
Panoz confirms new Abruzzi road car
Don Panoz, founder of Panoz Auto Development and the American Le Mans Series, confirmed on Monday that the latest Panoz sports car - the Abruzzi “Spirit of Le Mans”- will be formally unveiled in June in France, in the lead-up to the 24 Hours of Le Mans.
“We wanted to wait until Le Mans to release official photos of the car, but today we are providing a ‘teaser’ image of the Abruzzi ‘Spirit of Le Mans’ that hints at what the final car will be like,” Panoz said. “After seeing numerous illustrations posted on the Internet claiming to be the ‘Panoz Abruzzi’--none of which have been accurate--I thought it was important to provide some factual information in advance of the actual unveiling.
“We are truly excited about the Panoz Abruzzi, not only about the design and performance of the car but by the whole concept it represents,” Panoz added. “The styling is inspired from a classic era when racers would literally drive their own cars to Le Mans to compete and then drive back home. However, the technology of the Panoz Abruzzi ‘Spirit of Le Mans’ is absolutely leading-edge. We will provide many more details about the concept and some very special elements surrounding this exciting new car next month at Le Mans.”
The car will feature a front-engine, rear-drive layout and many other groundbreaking technologies. The body is constructed using REAMS (Recyclable Energy Absorbing Matrix System) material. Panoz claimed that this material and process have never before been utilized in a road car and offer unprecedented environmental, performance and structural advantages.