Toyota’s profit slipped nearly 6% last quarter, the Japanese automaker says, highlighting the headwinds automakers are facing in a computer chips crunch caused by the coronavirus pandemic.
A man checks a car at a Toyota show room in Tokyo on Oct. 18, 2021. Toyota’s profit for the fiscal third quarter slipped nearly 6%, the Japanese automaker said Wednesday, Feb. 9, 2022, highlighting the headwinds the world’s automakers are battling in a computer-chips crunch caused by the coronavirus pandemic.
Toyota sold 2.5 million vehicles around the world during the fiscal third quarter, down from 2.8 million vehicles the same period a year ago. Even the latest number is better than the 7.6 million vehicles Toyota sold last fiscal year, when sales were painfully battered by the pandemic. The maker of the Camry sedan, Prius hybrid and Lexus luxury brand kept its fiscal year profit forecast unchanged at 2.49 trillion yen .Toyota said a favorable exchange had worked as a plus for its latest earnings, while cost reduction efforts and marketing costs dragged on profitability.
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