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Toyota boosts profit forecast 34% after sales recovery in China, US

Japan car giant's chip crunch remains light thanks to communication with suppliers

Toyota's sales have been boosted by economic rebounds, particularly in China and the U.S. (Source photos by Akira Kodaka and Koji Uema)

TOKYO -- Toyota Motor on Wednesday revised its full-year net income forecast through March to 1.9 trillion yen ($18.1 billion), up 33.8% from its last prediction in November and down 6.7% from the previous year, as the Japanese car giant expands its robust sales momentum in the wake of COVID-19 despite the industry being shaken by semiconductor shortages.

Toyota estimates sales revenue will reach 26.5 trillion yen, up 1.9% from the previous forecast, as new models launched earlier this fiscal year are boosting sales, particularly in China and the U.S.

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