TOKYO, August 4: Toyota Motor Corp posted a record quarterly profit on Wednesday and Honda Motor Co raised its annual profit estimate as pandemic-hit sales rebounded, but the automakers saw no end in sight to the global chip shortage.
Honda swung to a first-quarter operating profit that was double analyst expectations and raised its full-year forecast by 18per cent to an operating profit of 780 billion yen in the current financial year based on strong sales. Toyota maintained its forecast for 8.7 million vehicle sales in the current fiscal year, up from 7.65 million last year. Sales volumes in the first quarter recovered to near 2019 levels and the ratio of electrified vehicles rose steadily, it said in an investor presentation.
The global semiconductor chip shortage will cost automakers US$110 billion in lost revenues this year, consulting firm AlixPartners said in May.
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