TOKYO—Toyota Motor Corp. raised its full-year operating profit estimate by nearly $8 billion, adding its name to the list of big car makers benefiting from an upsurge in Chinese and American demand for vehicles.
Toyota said it expected operating profit of ¥1.3 trillion, equivalent to $12.6 billion, in the year ending March 2021, more than doubling its previous estimate of ¥500 billion.
The top U.S. car makers all reported blockbuster results for the July-September quarter. General Motors Co. said Thursday it logged a $4 billion profit in the quarter, driven by pickups and other lucrative models, as the industry continues its surprisingly quick recovery from pandemic-related shutdowns in the spring.
Toyota has been ramping up global production to meet higher demand in places such as China. The company said retail sales of vehicles in China rose 24% in the July-September quarter over the year-earlier level to 510,000 units. In its home market of Japan, the top six bestselling models in October were all Toyota brands.
“We have recovered quite a bit,” said Chief Financial Officer Kenta Kon, but he said concern remained about the worsening coronavirus situation in the U.S. and Europe. “We have to watch the impact of the corona situation and lockdowns,” Mr. Kon said.
