Toyota Motor Corp, the world’s largest carmaker will buy back up to 1.89 percent of its own shares as profit and its cash pile swells climbs.
The automaker will pay about $3.5 billion (360 billion yen ) for the equivalent of 60 million shares. The automaker last bought back shares in February 2009.
Toyota, the largest automaker in the world and maker of the Camry sedans and Prius hybrids is expecting a record profit of $19 billion (1.9 trillion yen) for the fiscal year ending March 31 – and for 2014 the company plans to sell more than 10 million units – a fist or the auto industry.
Last week the Japanese automaker announced a stunning $1.2 billion settlement to resolve a criminal investigation into its handling of consumer complaints over safety issues – the largest penalty ever for a carmaker in the United States.
The settlement resolves a four-year investigation by US authorities, and no executives were charged under the deal.
The automaker will not build any new factory until at least 2015.
Globally the automaker employs more than 333,498 worldwide – and as January 2014 Toyota is the fourteenth-largest company in the world by revenue.
In July 2013 Toyota built its 200-millionth vehicle.