Toyota raised its annual operating profit forecast by 15%

Toyota raised its annual operating profit forecast by 15%. The revision rests on hybrid vehicle demand, cost cuts and shareholder returns. Following the announcement, the automaker's share price climbed 17%.

The automaker simultaneously lowered its sales target, citing weakness in the Chinese market. Toyota is also accelerating local development and production of electric vehicles.

On the European regulatory front, a European Parliament committee backed an 87.5% cut in car CO2 emissions by 2035, with additional flexibilities tied to green steel, fuels and super-credits for electric vehicles. The proposal could preserve a significant role for plug-in hybrid and extended-range vehicles after 2035.

In the United States, the Democrats' midterm election victory strengthens Congress's grip on tariffs, fuel-economy rules and pro-electric-vehicle policies through budgets, hearings and nominations. Major reversals remain difficult given presidential veto power, but trade and regulatory initiatives could face delays or compromises.

In the United Kingdom, the new light commercial vehicle market rose 11.4% in October, with 25,510 units registered. The new car market grew 5.4% over the same month to 152,730 registrations, the eleventh consecutive increase.

Mercedes-Benz pushed US GLC production back to 2030, opting to wait for the next generation rather than retool twice. The decision extends tariff exposure for a key model but cuts near-term investment costs amid weaker profits.

Fourteen MEPs are calling for a cybersecurity and national security risk assessment of BYD vehicles, potentially including public procurement restrictions. BYD rejects the concerns, stating that European vehicle and cloud data cannot be accessed remotely from China and remains under customer control.