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Toyota cites ‘unprecedented’ costs for pessimistic outlook

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Toyota Motor Corp forecast a 20% decline in operating profit for the current fiscal year despite posting robust annual car sales, citing an “unprecedented” rise in costs for logistics and raw materials that are negating the benefits of a depreciated yen.

The world’s largest automaker forecast an operating profit of 2.4 trillion yen for the fiscal year through March, short of 3 trillion yen posted during the just-ended period, and well down on analysts’ average projection for 3.4 trillion yen. Shares fell 4.4%, the most in two months.

“It’s going to be a challenge,” said Satoru Aoyama, senior director of Asia-Pacific corporates at Fitch Ratings. With the current year bringing supply chain issues, chip shortages, Covid-related lockdowns in China and cost inflation, “there are many factors that are compiling to create a negative trend,” he said.

Toyota is also assuming a exchange rate of 115 yen for each dollar, which implies a smaller boost compared with current levels near 130 yen, leading some to question Toyota’s forecasts.

Source: Car News Wire (carnewswire.net)

 

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