Toyota warns of tough times ahead as competition heats up

Toyota Motor Corp warned of tougher competition in China and raised its forecast for Japan sales as it reported quarterly profit that beat analyst estimates.

Net income in the April-to-June period rose to 646.4 billion yen ($5.2 billion), exceeding the 617.1 billion yen average of 12 analysts' estimates compiled by Bloomberg.

Operating profit trailed estimates and Toyota cut its full-year delivery forecast by 30,000 units to 10.12 million. The annual profit forecast was left unchanged.