ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

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.

The Japanese auto giant remains confident that hybrid and plug-in hybrid vehicles will continue to play a major role for the company worldwide in 2030, as it expects to sell 2 million battery and fuel-cell electric vehicles that year, equal to just one-fourth of the automaker's total expected sales of electrified vehicles.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more