TOKYO - Two top Japanese automakers said they planned to tighten their belts in the years ahead to free up cash to develop electric cars and ride-sharing services, underscoring the hard task ahead as traditional automakers face a rapidly changing industry.
“We still weren’t able to improve our costs enough last year,” Toyota CFO Koji Kobayashi told reporters, adding that mounting investment required for new technologies and other R&D costs was making cost-cutting efforts more challenging. “We recognize that the number of models and variations at the trim and option level have increased and our efficiency has declined,” he told reporters at a briefing.Toyota expects cost reduction efforts will help to lift operating profit by 3.3 percent to 2.55 trillion yen in the year to March 2020. In the year just ended, Toyota posted an operating profit of 2.47 trillion yen.
Profit fell 13 percent to 726 billion yen in the year ended March due to currency fluctuations and costs related to Honda’s plan to shutter production plants in the UK and Turkey in 2021. Kobayashi said Toyota wanted to raise its operating margin in North America to 8 percent in 2020, in line with the global margin, from around 1 percent, but acknowledged it was not confident of meeting the target.
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