Operating profit for first quarter sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year ago
Toyota Motor Corp’s profit slumped a worse-than-expected 42% in its first quarter as the Japanese automaker was squeezed between supply constraints and rising costs.
“It’s extremely bad,” said Koichi Sugimoto, an analyst at the Mitsubishi UFJ Morgan Stanley Securities. Like other auto manufacturers, Toyota is grappling with higher costs and fears that global inflation could put the brakes on consumer demand. Toyota expects material costs for the full year to increase by 17% to 1.7 trillion yen from its previous estimate - the majority of that from the rising prices of steel and aluminium.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Varcoe: U.S., Canada target solutions to supply chain snarls, says American ambassadorDavid Cohen, the U.S. ambassador to Canada, says efforts are underway between the two trading partners to fix the issue.
Read more »
Chip makers have a message for car makers: Your turn to payAuto makers accepting more risk, inventory, cost to ensure chip supply
Read more »
Toronto and Vancouver home sales tumbled further in July as interest rates roseHome price index falls for the fourth straight month in the Toronto region, and home prices eased for the third consecutive month in the Vancouver area
Read more »
Vancouver home sales tumble, Calgary's slide as rising rates and uncertainty take tollVancouver home sales tumble, Calgary's slide as rising rates and uncertainty take toll StephHughes95
Read more »
Vancouver home sales tumble, Calgary's slide as rising rates and uncertainty take tollVancouver home sales tumble, Calgary's slide as rising rates and uncertainty take toll RealEstate Homesales
Read more »
Vancouver home sales tumble, Calgary's slide as rising rates and uncertainty take tollVancouver home sales tumble, Calgary's slide as rising rates and uncertainty take toll StephHughes95
Read more »