) eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales and nearly wiped out its bottom line.
The sharply lower earnings underlines the challenges the auto industry is facing because of the pandemic that has shuttered factories and kept customers out of dealerships. “But the virus situation continues to place many uncertainties on the business outlook ... and we see a possibility that our forecast could change.”The maker of the RAV4 SUV crossover and the Prius gasoline hybrid expects global retail sales of 9.1 million cars this year, its lowest in nine years.
A 62% tumble in the region during the first quarter led to a 50% slump in consolidated global sales to 1.16 million units.
So sad but not unexpected. The hellhole of this COVID19 induced downturn is the hospitality and travel industry.
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