Toyota Boosts Spending After Steel Costs Cut 4th-Qtr Profit


Toyota Motor Corp., reporting a 17 percent decline in fourth-quarter profit on higher steel costs, plans to increase investment by 30 percent this year as it wins market share from General Motors Corp. and Ford Motor Co.

President Fujio Cho boosted U.S. sales of Prius gas-electric vehicles and Scion cars, helping Toyota weather increased costs better than GM, which posted a $1.1 billion loss in the quarter. Toyota said it plans to raise annual capital spending to 1.25 trillion yen, about 48 percent more than GM, which has $200 billion of junk-rated debt.

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