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. Toyota Sees Higher Material Costs Eating Into Profit

Edmund DeMarche is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button