Toyota Motor raised its full-year operating profit forecast by 9% on Wednesday, in a sign of confidence in its ability to ride out any potential U.S. tariffs.

Toyota Motor Corp. raised its annual operating profit outlook even though quarterly income fell short of estimates due to a downturn in global sales and production, indicating that it sees activity picking up at a faster pace later.

Toyota Motor (NYSE:TM) is ramping up its electric vehicle (EV) and battery production efforts with new initiatives in both China and the U.S., following a surge in its third quarter profit.  The company has partnered with the Shanghai government to build a new facility in Jinshan district,