Toyota Motor reported a decrease in quarterly profit for the second time in a row, but saw an increase in net income. The company’s operating profit dropped by nearly 28% year-on-year, but net income rose to 2.19 trillion yen from 1.36 trillion yen. Despite a decrease in vehicle sales, Toyota maintained its full-year dividend forecast. The company announced plans to establish a new company in China for the development and production of electric vehicles. Toyota’s shares rose over 1% in Tokyo following the news. The company has been slower than competitors in adopting fully electric vehicles, instead focusing on hybrids.
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