Toyota's first-quarter profit nearly wiped out as coronavirus erodes car sales

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Toyota Motor Corp posted a 98per cent plunge in its first-quarter operating profit on Thursday as the coronavirus pandemic halved it global sales.

FILE PHOTO: Employees wearing protective masks work at the Toyota Motor Manufacturing France plant as it resumes its operations after five weeks of closure during a lockdown amid the coronavirus disease outbreak, in Onnaing, France, Apr 23, 2020. Japan's top automaker reported a profit of 13.9 billion yen for the April-June quarter, its worst since the June 2011 quarter. Still, it was better than an average estimate for a loss of 179 billion yen based on a Refinitiv poll of seven analysts.

While business has begun to show signs of recovery, Toyota expects the pandemic will lead to a 13per cent drop in its global car sales the year to March 2021.

 

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Toyota's Q1 profit nearly wiped out as COVID-19 erodes car salesTOKYO: Toyota Motor posted a 98 per cent plunge in its first-quarter operating profit on Thursday (Aug 6) as the coronavirus pandemic halved it ...
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