Toyota cannot escape bad figures for the past quarter either. In the past three months, the profits of the car giant almost completely evaporated, but unlike many competitors, there is no loss yet.
For what it calls the first quarter of ‘Financial Year’ 2021, Toyota recorded an operating profit of over 13.9 billion yen, or about 111 million euros. That seems like a nice amount, but is not that much on the scale of the largest car manufacturer in the world. Last year, May, June and July saw a profit of 740.6 billion yen, or 5.9 billion euros. That means a drop of, yes, 98.1 percent.
That is intense, but it can be worse. For the time being, the Japanese are spared losses, while one competitor after the other is reporting deep red figures. In addition, the result is better than the even more unfortunate forecasts, so Toyota now sees an opportunity to carefully adjust its expectations for this year when it comes to sales figures. Reuters reports that it now expects a 13 percent drop in sales for the current fiscal year, after talking about 15 percent less previously. In total, Toyota now expects to sell no 8.9 but 9.1 million vehicles in the current fiscal year.