Toyota (TM), the world’s largest automaker by production, reported blowout results for its fiscal year 2024, though investor response was muted as the company issued a conservative outlook, reflecting heavy investments that need to be made as its business transforms.

Sales of hybrids performed well, although Toyota stressed it was working hard to offer various kinds of electric vehicles.

Toyota Motor Corp. gave a tepid outlook after recent scandals forced it to cut production, overshadowing a surge in hybrid sales that boosted profit to a record last year.

Toyota Motor forecast a 20% decline in operating profit for the current financial year on Wednesday, after reporting a blockbuster 78% profit increase in the fourth quarter that just ended. The world's top-selling automaker expects operating income to total 4.

Toyota has forecast a 20 per cent decline in annual profit as the world’s largest carmaker increases spending in electric vehicles and artificial intelligence in a bid to create a “game changer” to compete against Chinese rivals.

Toyota Motor projected a drop in fiscal-year profit and announced a share buyback after posting a rise in fourth-quarter net profit thanks partly to a weaker yen.

Profits rose at Japanese car giant Toyota for the fiscal year ending March 31, with the firm reporting that its net income attributable to the company hit ¥4.94 trillion ($32 billion) or ¥365.94 per share from ¥2.