Thursday, May 26, 2022
News Despite Pandemic, Toyota Expects $9 Billion Profit for Fiscal Year

Despite Pandemic, Toyota Expects $9 Billion Profit for Fiscal Year

Toyota expects to sell 7.2m cars and trucks, post $9.1B profit for FY 2021

  • 730 billion yen down 64 percent from last year

  • Toyota expects sales to recover by early 2021


While Toyota has, like most manufacturers, seen a big drop in business from the coronavirus pandemic, the company still expects to post a profit of more than CAD $9 billion with sales recovering to pre-pandemic levels by the end of the year and return to growth in early 2021.

That net profit forecast of ¥730 billion (CAD 9.1B) is an impressive one, but it’s still down 64 percent from company profits last fiscal year of CAD 25.2B. In the automaker’s first quarter of the fiscal year, starting April 1, the automaker sold 1.12 million vehicles globally, excluding joint ventures in China. That’s half of the 2.31 million sold in the same period of 2020, with the drop similar in every region reported.

But the pace of the recovery worldwide is happening more quickly than expected. Toyota has already added 200,000 vehicle sales to fiscal year 2021 sales projections, and is now expecting to hit 7.2 million instead of 7 million, down from 9 million in 2020.

As far as Toyota and Lexus sales specifically, Toyota now believes that sales will hit 85 percent of 2019 levels from July through September of 2020, 95 percent from October through December, and then rise to 105 percent in the first quarter of 2021.

With other automakers expecting major losses, including close to $8 billion in the case of Nissan, and those expecting a profit suggesting much smaller than normal numbers, Toyota appears to be in a good position to weather the downturn.

Trending Now

Hyundai Will Invest Over $10 Billion in the US in the Next Few Years

This is the total amount following previous announcements. Much of the total investment will go to building EVs and battery facilities. The Hyundai Motor...

General Motors Could Add a Second Charging Port to Some of its EVs

Patent images show a pickup with two charging ports next to one another Since GM separated its 800 Volt battery into two 400...

Tesla is Already Looking at Expanding Giga Berlin

The new factory opened only a little over two months ago The company filed an application to purchase a piece of land next...

False Advertising will Cost Ford $19.2 Million

Ford overstated the fuel economy of the C-Max hybrid and the Payload of the Super Duty trucks The affected vehicles were sold between...

Couche-Tard and Circle K to Add Charging Stations to 200 Stores in North America by 2024

The two brands of convenience stores are operated by Alimentation Couche-Tard The company has already added EV chargers to some of its stores...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.