TOKYO : Toyota Motor Corp on Wednesday forecast a 10 per cent rise in annual operating income after its latest quarterly profit surged 35 per cent, as the world's largest automaker expects higher sales in major markets amid an easing of global chip supply woes.
The Japanese auto giant said operating profit for the three months through March totalled 626.9 billion yen , easily beating the average 553.46 billion yen profit estimated by 10 analysts, according to Refinitiv data. Toyota shares, which were nearly flat just before the release of the earnings, surged immediately after their publication and were up 2.2 per cent at 1,958 yen by 0500 GMT.
It's under pressure in China, the world's biggest auto market, where a rapid shift to electric vehicles has hurt demand for the gasoline-powered cars that drove Toyota's early successes there. It also must handle problems at affiliate Daihatsu, which rigged safety tests for some Toyota-branded cars.
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