Toyota likely to post lower Q1 profit as production woes cast shadow

TOKYO : Toyota Motor Corp is expected to report a double-digit drop in first-quarter profit this week, as a chip shortage and supply-chain woes forced the world's top automaker by sales to repeatedly slash production targets.

Last year first-quarter profit surged as Japan's biggest automaker left the worst of the pandemic's woes behind, but this year, the only positive in the first quarter is likely to be the weaker yen, said Koji Endo, an analyst at SBI Securities. Graphic: Japan automaker shares - https://fingfx.thomsonreuters.com/gfx/mkt/jnvwengnmvw/image-1659499279920.png

And consumer trust issues rear their head frequently in Japan, with major Toyota affiliate Hino Motors admitting on Tuesday it falsified emissions data for longer than previously disclosed.

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Toyota unit falsified emissions data from at least 2003, probe findsTOKYO - A major affiliate of Japan's Toyota Motor Corp falsified emissions data on some engines going back to at least 2003, more than a decade earlier than previously indicated, a company-commissioned probe showed on Tuesday (Aug 2). The investigative committee tasked by truck and bus maker Hino Motors Ltd blamed the scandal on an environment where engineers did not...
Source: asiaonecom - 🏆 10. / 59 Read more »