Toyota Sees Higher Material Costs Eating Into Profit

TOKYO–Toyota Motor said the auto industry faces a tough year as rising material costs and semiconductor shortages continue to hamper production.

The company said it expected rising raw material prices to slash operating profit by the equivalent of $11 billion for the current financial year ending March 2023 — a record. Forecasts for net profit will drop 21% for the year, or about $17 billion, sending stock prices down 4.4% in Wednesday trading in Tokyo.

https://www.wsj.com/articles/toyota-sees-higher-material-costs-eating-into-profit-11652250087?mod=pls_whats_news_us_business_f Toyota Sees Higher Material Costs Eating Into Profit

Edmund DeMarche

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