Toyota said it plans to offer higher bonuses and compensation for its board members as it expects sales and profit to be the highest in the past 6 years.
The Japanese automaker will offer 1.1 billion yen ($10.8 million) in compensation, plus 428 million yen in bonuses for its audit and supervisory board members and directors for the financial year ended March 2013. This would be with 28% more compared with the bonuses and compensation for the previous financial year.
Toyota managed to take back the global sales crown from GM and VW and now it expects a net income up 42% to 1.37 trillion yen for the financial year ending March 2014. At the beginning of this month, the automaker reported its highest annual profit for the past 5 years and two months ago it approved the highest bonus for its workers since 2008.
A new annual ranking shows that Toyota managed to surpass BMW and become the most valuable automaker. This year, Toyota’s brand value was up 12% to $24.5 billion, mainly due to the new models introduced in the hybrid market. On the other side, BMW’s value dropped 2% to $24 billion, due to the automaker’s lack of new models introductions in the past years, compared with Toyota.