Toyota Motor Corporation (NYSE:TM) (TYO:7203) reports that its first fiscal quarter profits were almost double of those from the same quarter a year ago. The automaker is now so sure of strong results for the new fiscal year that it set a goal for worldwide production that would break current records in the industry if it is met. That’s according to a report by the Associated Press, which was posted on the Los Angeles Times.


Not long after that report, shares of the automaker’s stock started jumping—as much as 7 percent at the New York Stock Exchange.

Toyota releases the latest results

Toyota Motor Corporation (NYSE:TM) (TYO:7203) reported that profits for the quarter ending in June increased to $5.6 billion, receiving a big boost from the weakness of the yen. The company reported strong sales in the U.S. and growing sales in some emerging markets. In spite of slumping sales in Europe and Japan, the automaker cut costs in both regions, giving its revenue sales and operating profitability in those areas a boost.

For the June quarter, sales increased 14 percent to $62.6 billion.

Toyota raises its forecast

For the 2013 calendar year, Toyota set its worldwide production goal at 10.1 million vehicles. That would be a new record in the industry if the Japanese automaker is able to hit it. The company did keep its global vehicle sales goal the same at 9.98 million vehicles. This puts it in a close race with General Motors Company (NYSE:GM) for the title of the top automaker in the world.

Toyota Motor Corporation (NYSE:TM) (TYO:7203) increased its full-year earnings forecast to $14.8 billion, a 54 percent increase over the last year. For the fiscal year ending in March 2014, Toyota guided for $240 billion. That’s a 9 percent increase from the previous year. The automaker previously guided for $235 billion in sales for the year.

Toyota versus GM

General Motors Company (NYSE:GM) had been the top automaker in the world for decades, but then Toyota started vying for the crown. Toyota took the crown back last year and so far remains the top automaker in the world, but GM isn’t far behind.

One of the reasons Toyota is staying ahead of GM is because of the cheap yen. Another big reason is years of cost cutting measures taken by Toyota as it struggled to remain profitable while the yen was strong. During the first fiscal quarter, Toyota received a $2.6 billion benefit from the exchange rate.