Toyota cuts full-year profit by 20% amid high materials costs

• The carmaker expects materials costs to increase to 1.45 trillion yen in the current fiscal year

Toyota Motor Corp (NYSE: TM) said on Wednesday its full-year profit could be cut by as much as 20% amid high materials and logistics costs.

Toyota expects materials costs to increase to 1.45 trillion yen, or about $11.1 billion, in the current fiscal year.

The Japanese automaker said it plans to offset about 300 billion yen, about $2.3 billion of material costs by “cost reduction efforts.”