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Impact of COVID-19: Japanese Giant Toyota Expects Record 80% Drop in Annual Profits

Car Sales Will Start To Recover

Dubai- Masaader News

As an Impact of COVID-19, Toyota expects record 80% drop in annual profits as the coronavirus pandemic slams hits global car sales.

Toyota said in a financial results press conference: ” we expected  to sell 7 million cars this year, down from the nearly 9 million it sold last year, not including sales from smaller automakers it owns like Daihatsu and Hino. ”

The company said it was “extremely hard to predict sales because it is likely to vary greatly from region to region.

Toyota’s outlook calls for full-year revenue of 24 trillion yen, below analysts’ prediction for 27.6 trillion yen.

Vehicles Sales

The company declined to provide a forecast for net income, citing the impact of the pandemic.

Vehicles sales will decline about 15% to 8.9 million units, the carmaker said.

The Japanese automaker, one of the world’s largest, said that it expects operating profit to reach just 500 billion yen ($4.7 billion) this fiscal year.

That would be the smallest profit for Toyota in nine years. For the year ended March 31, the company posted profit of 2.4 trillion yen ($22.3 billion), slightly weaker than it estimated in February.

Become Strong

“I believe that I have helmed Toyota with a wholehearted desire to make it a company that can be depended on by people throughout the world and a company that is necessary.”

Toyota president, Akio Toyoda Said.

” I think that what is important is thinking about why we should become strong and about how we go about becoming strong. For us to be useful in the world, I believe that we must become stronger together with our partners throughout the world.”

Toyota Highlander 2021

 

Toyota Highlander, the otherwise 3-row family vehicle is now coming in an all-new XSE model. It will be a sportier crossover with an aggressive look.

Toyota Highlander 2021 is part of the second year of the current generation which comprises models that have a more welcoming cabin and an improved driving experience.

Toyota Highlander is one of the smallest choices in the market when it comes to three-row family crossover vehicles.

This new trim level will go on sale this fall as a 2021 model of Highlander.

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