TOKYO -- Toyota Motor on Thursday raised its full-year net profit forecast through March 2022, expecting the impact of recent production cuts to dissipate, along with chip shortages.
But the Japanese automaker stressed in its latest earnings announcement that the upward revision stems largely from a weaker yen and other favorable market conditions, and is "in substance a downward revision." It predicted lower unit sales for the year and sounded the alarm over soaring prices for raw materials.
