Toyota Again Cuts Production Forecast Citing Supply Chain Woes; Suffers 25% Drop In Q2 Profits

  • Toyota Motor Corp TM has lowered its annual production target by 500,000 vehicles to 9.20 million vehicles.
  • The sharp cut in the FY23 target comes as the automaker suffers from difficulties in the procurement of semiconductors.
  • Also ReadToyota Lowers FY23 Production Target As Chip Supply Woes Continue
  • Toyota also underlined the business headwinds, including the rapid changes in foreign exchange rates, higher interest rates, soaring materials prices, and more.
  • Operating profit for the three months ended September fell to ¥562.7 billion, a 25% year-on-year decrease.
  • The company attributed the profit decline to soaring materials prices and one-time costs despite the positive effect of the depreciation of the yen.
  • Also ReadFord Exits Russia Via Sale Of JV Stake
  • Price Action: TM shares closed lower by 0.51% at $138.81 on Monday.
  • Photo Via Company
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Posted In: EarningsNewsGuidanceGeneralBriefsEurasia
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