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Toyota warns global car sales could plunge
Toyota expects profits this year to plummet almost 80% as the coronavirus pandemic hits global car sales.
Tuesday, May 12th 2020, 8:56 AM CDT
Updated:
Toyota expects profits this year to plummet almost 80% as the coronavirus pandemic hits global car sales.
But the auto giant says sales should slowly recover.
On Tuesday Toyota said it is expecting operating profit to hit just $4.7 billion for the current fiscal year.
That would be the Japanese car maker's smallest profit in 9 years.
The company anticipates selling 7 million cars this year, down from nearly 9 million last year, but regional variations make that number hard to predict.
However, Toyota also expects something of a rebound later this year.
The company believes sales should reach 90% of levels seen in previous years by the end of 2020.