Toyota Motor's Q2 profit drops 25%, FY production target lowered to 9.2 mn.

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Toyota Motor’s Q2 profit drops 25%, FY production target lowered to 9.2 mn.

Published on

November 1, 2022

As material costs rise and chip shortages remain, Toyota Motor Corp. reported a 25% quarterly profit decrease and lowered its annual output target on Tuesday.
After announcing its fourth straight quarterly profit loss, the world’s largest manufacturer warned that it was impossible to foresee the future.
Toyota managed supply chains better than other carmakers during the coronavirus outbreak, but it fell prey to the chip scarcity this year, lowering monthly output objectives repeatedly.