Toyota records 98% plunge in operating profit for Q1, reports profit of $131.73 million

On Thursday, in a development that marks the challenges facing the Japan’s automaker Toyota Motor Corp, the carmaker posted a record 98% plunge in its first-quarter operating profit after the Wuhan coronavirus, which emerged from China, induced a slowdown in the global economy, which hammed car sales and halved Toyota’s global sales.

For the period of April too June 2020, Toyota, Japan’s top automaker, reported a profit of $131.73 million (13.9 billion yen), its worst since the June 2011 quarter.

The carmaker has kept its forecast for an annual operating profit of 500 billion yen, its weakest in nine years.

Although it is seeing green shoots of recovery in its business, Toyota expects the pandemic to result in a 13% drop in its global car sales up to March 2021.

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