Toyota’s profit fell nearly 6% last quarter, the Japanese automaker said Wednesday, underscoring the headwinds automakers are facing in a computer chip crisis caused by the coronavirus pandemic.
The profits of Toyota Motor Corp. for the three months to December totaled 791.7 billion yen (NZ$10.3 billion), compared to 838.7 billion yen the previous year. Quarterly sales fell 5% to 7.2 trillion yen (NZ$93 billion).
Toyota officials have acknowledged that the chip problem may continue into the next fiscal year.
Toyota sold 2.5 million vehicles worldwide in the third fiscal quarter, up from 2.8 million vehicles in the same period a year ago. It lowered its sales forecast for the year to 8.25 million vehicles from 8.55 million vehicles previously.
Even the latest figure is better than the 7.6 million vehicles Toyota sold last year, when sales were hit hard by the pandemic.
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Including group automakers such as Daihatsu, which makes small cars, and truck maker Hino, Toyota forecast retail sales of 10.29 million vehicles for the fiscal year, compared to 9.9 million vehicles last year. Previous exercice.
Koji Sasahara/AP
Toyota’s fiscal third-quarter profit fell nearly 6%, underscoring the headwinds global automakers are facing in a computer chip crisis caused by the coronavirus pandemic.
The maker of the Camry sedan, Prius hybrid and luxury brand Lexus kept its fiscal year profit forecast unchanged at 2.49 trillion yen ($32 billion NZ). Toyota posted a profit of 2.2 trillion yen in the previous fiscal year.
Toyota said a favorable trade was a plus for its latest revenue, while cost-cutting efforts and marketing costs weighed on profitability.
The company apologized for production delays caused by shortages of chips and other parts due to production issues caused by COVID-19 measures.
“We apologize for the inconvenience caused to customers who have to wait a long time for delivery, but we will continue to make improvements through ‘All-Toyota’ with our dealers and suppliers,” he said in a statement.
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