All About Japan

Toyota's Pandemic Profits Plunge to 98%

| Cars , Business

Toyota Motor Corporation announced that its operating profit plunged 98 percent, to 13.9 billion yen (US$132 million) for the quarter ending in June.

But the auto manufacturer giant managed to stay in the black. The figure highlights the challenges the industry faces due to the pandemic. Toyota was forced to temporarily suspend factory operations.

Auto sales plummeted sharply in the United States and Europe. But company officials expect sales to gradually rise again as countries across the world reopen after quarantine. Toyota has raised its car sales forecast to 9.1 million units for the fiscal year through March 2021.