Toyota on Thursday, August 6, warned of a 64% drop in full-year net profit and reported a slump in quarterly earnings, as the coronavirus pandemic shreds the global auto market.
Its forecast of annual operating profit remained unchanged at 500 billion yen, down nearly 80% from the previous year. The warning came as Toyota reported a 74.3% plunge in net profit for the 3 months to June, with quarterly revenue down more than 40%. Carmakers around the world have been battered by the pandemic, with many relying on government help, as it slams the global economy into reverse and forces people to stay at home.
It will survive by selling spare parts alone
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