Toyota boosts profit forecast 34% after COVID recovery

Toyota boosts profit forecast 34% after COVID recovery
  • Clock-gray 10:43
  • calendar-gray 10 February 2021

Toyota Motor on Wednesday revised its full-year net income forecast through March to 1.9 trillion yen ($18.1 billion), up 33.8% from its last prediction in November, as the Japanese car giant expands its robust sales momentum in the wake of COVID-19 despite the industry being shaken by semiconductor shortages, APA-Economics reports citing NIKKEI ASIA. 

It estimates sales revenue will reach 26.5 trillion yen, up 1.9% from the previous forecast.

Toyota's unit sales have exceeded last-year levels since September, boosted by economic rebounds, particularly in China and the U.S.

 

The company expects to extend this recovery into growth in the next fiscal year starting from April, as it plans to produce a record 9.2 million units for January-December 2021.

Its peers are burdened by the recent chip crunch even as they emerge from the disruption caused by the pandemic.

Honda Motor on Tuesday announced it expects vehicle sales for this fiscal year will drop by around 100,000 units from what it expected in November, when it increased its forecast.

Mirsaid İbrahimzade

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