Toyota is tempering expectations for the coming fiscal year despite recently posting a record $24.61 billion profit for the year to March 31.revealed raw material costs could more than double from last year. It is also concerned with inflationary pressures and rising gasoline prices and as such, says it is difficult to make short-term forecasts.
“These factors will be compounded,” Toyota chief communications officer Jun Nagata said. “This fiscal year, it’s going to be even more difficult than other years to make a forecast.”added that soaring raw material prices will hit its profits particularly hard, with chief technology officer Masahiko Maeda noting that electrified vehicles will take a big hit.
The car manufacturer expects to deliver 3.07 million electrified vehicles for the fiscal year through March 2023. Of these, approximately 2.85 million will be hybrids like the Prius and RAV4 Hybrid while BEVs will account for 95,000 sales. Toyota’s recent profits were buoyed by favorable foreign exchange rates and lower marketing costs, helping it to offset increased costs for raw materials and logistics. However, chief financial officer Kenta Kon says the coming 12 months will be more difficult, noting that operating profit and net income will retreat.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: auto123 - 🏆 566. / 51 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: therealautoblog - 🏆 528. / 51 Read more »
Source: ksatnews - 🏆 442. / 53 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: Carscoop - 🏆 306. / 63 Read more »