May 8 – Toyota announced a fall in quarterly net profit, hit by a stronger yen, and forecast its first annual profit drop in seven years.
The world’s biggest automaker is trying to counter a slowdown in the U.S, Japan and Western Europe, but the yen’s 12% rise against the dollar and soaring commodities prices are offsetting other growth.
Dan Sloan reports.
Toyota profit downshifts
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The announcement was made on today.
Toyota is pursuing new markets to help it boost profits.
Current conditions are looking good.
The company can use the difficult times to become more flexible and stronger.
This year profits should be $60 billion.
Last year’s profit was $27 billion.
Honda predicted a 80% drop in profits.
The exchange rate used is £100 to the yen.
Other car companies entered the Chinese car market before Toyota.
Toyota sales in China should outstrip both Volkswagen and Daimler.
