Toyota sees record profits of nearly $23 billion

The record comes despite a drop in profits in the US.

Toyota did not have a great year in the US, relatively speaking, but globally it made record profits. For the end of the fiscal year, which in Japan concluded in March, the carmaker earned a whopping ¥2.49 trillion, which translates to roughly $22.76 billion.

According to the Japan Times, Toyota saw an increase in profits everywhere it does business except for North America. Here, "profits were more than halved by the cost of customer incentives in the local market," the article stated. The volatile market has seen a drastic shift from sedans to crossovers in the past year, as well as President Donald Trump threatening retaliation for what he has called unfair trade practices.

Still, the overall global windfall rose by $36.2 percent thanks to favorable exchange rates and what, at an annual year-end conference Wednesday, Toyota president Akio described as "the accumulated results of steady, earnest, and thorough cost-reduction efforts."

At the conference Toyoda also reiterated the "life or death" struggle the company is in against tech companies. He restated the importance of developing electrification and autonomous driving technologies to compete with tech companies.

The Japan Times also notes Honda's profits rose by a whopping 71.8 percent to $9.69 billion as a result of "reduced corporate tax rates in the US."