PARIS, Sept 25 (Reuters) - Japanese auto maker Toyota Motor Corp. expects to turn a profit in its European operations by the end of the current fiscal year, a year ahead of its previous forecast.
"This is thanks to successful cost-cutting at our factories, the strong success of cars like the RAV-4, and favorable exchange rates," James Rosenstein, vice president of external affairs, told Reuters on Wednesday on the sidelines of the Paris Motor Show.
Rosenstein also cited the start-up of production of the company's new Avensis car at a British plant, and a strong demand for its Yaris car, manufactured in northern France.
"The investments we made a few years ago are coming on stream and producing results," Rosenstein added.
Toyota gets about half of its profits currently in North America, and the rest from Japan, Asia and other regions. Because of investments and start-up costs, the company has yet to post a full-year profit in Europe.
The company produces about half its cars destined for the European market locally.