Toyota recently announced that it tripled its quarterly profits in the third quarter to $3.2 billion compared to the same period last year.

The automaker's profits increased by 572.1 percent when compared to last year for the first half of the fiscal year, which was sparked by a significant increase in sales in the United States.

"We have seen a significant increase in production in all regions compared to the same period last year when we suffered parts-supply shortage," said Satoshi Ozawa, executive vice president of Toyota Motor.

According to the Japanese automaker, it's expecting to earn $9.8 billion for the full fiscal year that ends in March, which would be an increase from the previous prediction of $9.5 billion, The Associated Press reported.

Close to 1.3 million Toyota vehicles were sold in the third quarter, which was a 572,000-unit increase compared to the third quarter of last year.

Toyota also recently announced that it produced its 25 millionth vehicle in North America at the Georgetown, Kentucky, manufacturing plant, showing consistent performance over a long period of time.