The Japanese automaker raised its profit forecast despite the chip shortage and the impact of the epidemic.
Toyota recorded a profit of $5.5 billion in the July-September period, up 33 percent from $4.1 billion in the same period last year. Quarterly revenue grew 11% to $66 billion.
Supply chain disruptions due to chip shortages caused by the pandemic have affected all car manufacturers around the world. Toyota was also forced to reduce production because of these problems.
Toyota officials say production is recovering and the company is accelerating to meet greater demand for its models, including sport utility vehicles and other services at a lower margin. stable profits.
Toyota expects profit of $22 billion for the fiscal year through March 2022, up 11% from $19 billion the previous year. The cheap yen helps Japanese exporters like Toyota boost the value of their products sold abroad, boosting results and offsetting the damage caused by rising raw material costs.
According to Toyota, cutting costs also helps increase the price of used cars and reduce incentives. However, Toyota officials stressed that they are not too optimistic as the outcome would have been worse without the “wind” from the currency exchange privilege.
Toyota, based in the city of Toyota in central Aichi Prefecture, is expected to sell 9.4 million vehicles for the full fiscal year, down from its previous forecast in May of 9.6 million units. , including Lexus models.
Chief financial officer Kenta Kon said the challenge is keeping car prices down despite rising raw material costs, even as increased investment is needed to develop carbon-neutral technology.
Japanese rival Honda reports its financials on November 5, while Nissan reports next week.
Sunshine (follow Autoblog)