Toyota’s April-June quarterly profit fell 18% from a year earlier
Toyota said production was hindered by the Covid-19 lockdown in Shanghai and flooding in South Africa, leading to lower car sales.
Toyota said the biggest reason for the fall in operating profit was the higher cost of materials, which it said was caused by higher prices paid by its suppliers for fuel, transport and the like. It said higher materials costs pushed down operating profit by ¥315 billion, or about $2.35 billion, in the quarter.
Toyota maintained its forecast for group vehicle sales in the fiscal year ending March 2023, saying that production is likely to pick up in the latter part of this year and next year as shortages of semiconductors ease. It projected group vehicle sales, including those of subsidiaries Daihatsu Motor and
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