The worldwide International Olympic Committee sponsor, which has regained its status as the world’s largest carmaker, lifted forecast operating income for its financial year to the end of March by 54 per cent to JPY2 trillion (£13.8 billion/$19 billion/€15.7 billion).

While this would still be lower than the previous year’s income of JPY2.4 trillion (£16.5 billion/$23 billion/€19 billion), it is four times an earlier forecast of JPY500 billion (£3.5 billion/$4.75 billion/€4 billion) dating from last May, when industry was scrambling to react to the terrifying spread of the COVID-19 virus.

Pre-tax income for the October-to-December quarter climbed from JPY772 billion (£5.3 billion/$7.4 billion/€6 billion) in 2019 to JPY1.14 trillion (£7.9 billion/$10.9 billion/€9 billion) in the latest period.

This was on sales revenues up from JPY7.6 trillion (£52.4 billion/$72.4 billion/€60 billion) to JPY8.15 trillion (£56.2 billion/$77.6 billion/€64.2 billion).

Vehicle sales rose 22 per cent in China in this period, but also by 13 per cent in North America and 15 per cent in both Europe and Japan, the company’s home market.

Consolidated vehicle sales are now expected to total 7.6 million in 2020-2021, down from just under nine million in 2019-2020.

Toyota joined the IOC’s flagship The Olympic Partner (TOP) worldwide sponsorship programme in 2015, signing up as vehicles, mobility support robots and mobility services partner until 2024.

The move marked a significant change for the Olympic Games car sponsorship category, which had traditionally been a local deal.

It has helped to trigger a big increase in the overall value of TOP for the Olympic cycle that began in 2017 and is due to culminate with Tokyo 2020.