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Toyota raises profit forecast by 54% to avoid global chip supply problem Reuters

© Reuters.Toyota Motor logo can be seen on cars at the International Motor Show held in Mexico City

Tokyo (Reuters)- Toyota Motor (NYSE :) Corp raised its full-year earnings forecast to a record $ 19 billion on Wednesday, 54% higher than expected, and set its car sales target as global Chinese-led demand recovered from the slump caused by the coronavirus pandemic. I pulled it up. ..

Unlike other Japanese car makers, such as Nissan (OTC :) Motor and Honda Motor, which have been forced to cut production due to a shortage of semiconductors, the world’s largest car makers are increasing production. ..

Toyota’s share of the world’s largest car sales rose 2.3% after new forecasts were announced.

The auto industry has been suffering from a chip shortage since late last year and may be exacerbated by sanctions on Chinese chip factories by the former US administration.

However, manufacturers of RAV4 SUV crossovers and Prius petrol hybrids said they expect to sell 9.73 million units this year, up 3.3% from the previous forecast of 9.42 million units, if down from 10.46 million units last year. It was.

“For the time being, there is no decline in production due to tip shortages, but there is a risk of tip shortages,” Chief Financial Officer Kenta Kon said at a briefing.

“I hear people say that the tip shortage may last until summer, but it may not last until then, and it may be resolved early.”

Toyota expects a record operating profit of 2 trillion yen ($ 19.13 billion) for the fiscal year ending March 31, which is far higher than the previous forecast of 1.3 trillion yen and is forecast from 23. It far exceeds the profit forecast of 1.542 trillion yen on average. Analyst, Refinitiv data shows.

The yen is expected to trade at 105 yen against the US dollar, compared to the previous forecast of 106 yen.

Toyota said that operating profit increased to 987.9 billion yen in the three months until December 31st. This easily exceeded the estimated average profit of 565,510 million yen by the nine analysts surveyed by RefinitivSmart Estimate.

($ 1 = 104.5700 yen)

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Toyota raises profit forecast by 54% to avoid global chip supply problem Reuters

https://www.investing.com/news/stock-market-news/toyota-posts-26-drop-in-ninemonth-operating-profit-2414344 Toyota raises profit forecast by 54% to avoid global chip supply problem Reuters

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