Toyota: No. 1 in Profits, Too

Toyota: No. 1 in Profits, Too

The automotive industry was a tough place to make a buck this past year -– except for Toyota.

Most of the world’s major automakers struggled in 2006, with about half of them reporting lower profits. But Toyota reported record profits Wednesday.

Toyota's net income rose 20 percent to the equivalent of $14 billion (U.S.) for the fiscal year that ended March 31. Toyota's revenues rose 14 percent to a record $204 billion. Global vehicle sales for the year totaled 8.52 million units, an increase of 550,000 compared with the previous fiscal year and also a record.

For the first time in history, Toyota surpassed General Motors, which set a record itself, in global vehicles sales during the first quarter of 2007. Experts predict Toyota is poised to surpass GM as the No. 1 automaker in sales as early as this calendar year.

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.