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Toyota set to see recovery after outbreak hits profits

by LLB Reporter

In the fiscal fourth quarter Toyota reported a sharp fall in profits as the global pandemic has struck sales with factories being halted.

The Japanese car maker recorded a net profit of ¥63.1bn (£478m) in the quarter to March, which plummeted by 86% compared to ¥459.5bn the previous year.

Quarterly sales fell by 8% to ¥7.1trn, compared to ¥7.8trn the previous year.

Toyota’s President Akio Toyoda said his company are facing their biggest challenge since the financial crisis, and are learning to grow leaner.

Toyoda has promised to protect jobs and called his workers “Toyota people” across the globe.

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