Toyota Australia's rolling in it! Stronger supply of key models including Toyota HiLux, LandCruiser 300, RAV4 and Corolla generates record profit for market leader

Toyota Motor Corporation Australia has posted a monster $342 million after-tax profit in a financial year record result for the local automotive market leader.

In line with standard Japanese business practice, Toyota operates on an April 1 to March 31 financial reporting period and the global giant’s Australian subsidiary says improved supply of key models and the success of its hybrid variants have made a significant contribution to the result.

During and immediately after the COVID-19 pandemic customers could expect to wait as long as two years for the most in-demand Toyota models like the RAV4 Hybrid. But thanks to “substantially higher production” in the first half of 2024 a RAV4 Hybrid ordered today should hit a buyer’s driveway in a much more reasonable four months.

Although Toyota says estimates can vary according to customer location and vehicle spec, shorter average wait times for other Toyota hybrid models are now around three months for C-HR, five to six months for Corolla and Yaris Cross and seven to eight months for Kluger and Yaris. 

Among other (non-hybrid) models, HiLux has also improved to three to four months and LandCruiser 300 is now under six months.

TMCA President and CEO Matthew Callachor said, “The turnaround in supply was made possible by a strong team effort over an extended period with our factories overcoming substantial challenges, supported by the dedication and support of TMCA employees, dealers and suppliers.”

“Importantly, our dealers played a vital role in managing sometimes difficult conversations with customers as we addressed issues outside our control over the past 2-3 years, successfully returning many of our vehicles to an acceptable delivery period,” he said.

Toyota and Lexus increased their combined deliveries to 246,389 vehicles – a year-on-year gain of 11.3 per cent.

And Toyota Australia Vice President Sales, Marketing and Franchise Operations Sean Hanley said, "Importantly, the stock keeps coming – and our order intake remains strong."

“We always knew that supply constraints were masking the true level of demand for Toyota vehicles, especially hybrids,” Mr Hanley said.

Toyota RAV4 hybrid

Interestingly, however, Mr Callachor believes the recent backfilling of outstanding orders to some extent masks the true level of demand across the industry.

“While Toyota and Lexus continue to maintain healthy order banks, there are clear signs across the industry that tougher economic and business operating conditions have cooled demand from the remarkable levels experienced in the immediate post-COVID period.

“The new-car market remains vibrant; however, we expect some impact from these challenges to be reflected in official sales figures during the second half of the current financial year,” he said.