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Toyota expects 2% profit rise as it shrugs off chip shortage

Japanese auto giant says hybrids and plug-ins will still predominate in 2030

Toyota overtook Volkswagen in sales in 2020, retaking its position as the world's top-selling automaker for the first time in five years. (Photo by Akira Kodaka)

TOKYO -- Toyota Motor is bullish on prospects for higher sales, forecasting a net income of 2.3 trillion yen ($21.1 billion) for the current business year through next March, up 2.4% from fiscal 2020, while its rivals continue to struggle with semiconductor shortages.

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