Toyota's profits rise as global chips supply crunch subsides
Toyota’s January-March profit has edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased
TOKYO (AP) — Toyota’s January-March profit edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased.
Toyota Motor Corp. racked up 552.2 billion yen ($4 billion) in quarterly net profit, up from 533.8 billion yen ($3.9 billion), according to results released Wednesday. Quarterly sales soared nearly 20% to 9.69 trillion yen ($72 billion).
For the fiscal year ended in March, profit at Japan’s top automaker fell 14% on-year to 2.45 trillion yen ($18 billion). But it’s forecasting profit to rise 5.2% for the current fiscal year to 2.58 trillion yen ($19 billion).
Automakers worldwide have been hurt by a shortage of computer chips and other auto parts because of restrictions over the coronavirus pandemic that crimped production in various countries.
