Toyota to invest $13bn in EVs, AI and supply chain

TOKYO — Toyota Motor on Wednesday reported a record net profit of 4.9 trillion yen ($31.8 billion) for the financial year ended March, double that of the previous 12 months, helped by a weak yen and accelerating demand for hybrid vehicles.

“We aim to increase our efforts to utilize generative artificial intelligence, including autonomous driving. We will aim to expand AI-related investments,” said Toyota President Koji Sato at a news conference following the earnings release.