Toyota reports 8% drop in Oct-Dec profit, keeps forecast
Toyota has reported an 8.1% drop in its net profit in the last quarter as a global shortage of computer chips and soaring raw material costs battering the auto industry hit Japan’s top automaker
By YURI KAGEYAMA
Published - Feb 09, 2023, 01:01 AM ET
Last Updated - Jun 22, 2023, 10:29 PM EDT
TOKYO (AP) — Toyota reported an 8.1% drop in fiscal third quarter profit Thursday, as a global shortage of computer chips and soaring raw material costs battering the auto industry hit Japan’s top automaker.
Toyota Motor Corp.’s October-December profit totaled 727.9 billion yen ($5.6 billion), down from 791.7 billion yen the previous year.
The company said it was doing its best to find other chips suppliers to keep up with demand. Higher material and energy costs slashed profitability, it said.
Toyota kept its global consolidated vehicles sales forecast for the fiscal year that ends in March unchanged at 10.4 million vehicles. That would be little changed from what it sold in the previous fiscal year, at 10.38 million vehicles.
